Dash (DASH) Pullback, but Long-Term Prospects Stay Viable
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- DASH has pulled back after testing the $80 resistance level.
- Oversold SRSI suggests selling pressure may be weakening.
- DASH could resume its upward move and retest the $80 level.
The price of the Dash coin has grown significantly recently. The price growth began last month and has continued into September. At the same time, the token continues to find more use cases as the project expands into Artificial Intelligence infrastructure.
Dash on a 24-Hour Market Chart
On the DASHUSDT daily chart, price activity has been in a pullback for the past three sessions. This resulted after the market tested resistance at the $80 price mark. Although the ongoing session remains bearish, it keeps the market very much around the 9-day Exponential Moving Average (EMA) line.
Likewise, the Stochastic Relative Strength Index (SRSI) indicator lines have dipped significantly into the oversold region of the indicator, with the leading line already at the 16 mark while the lagging line is at the 34 mark.
DASH Pullback May Not Cause Deep Losses
While the current session remains bearish and has, in fact, brought the token below the $57 price level, it has brought only modest losses. The current price level of the token lies just below the 9-day EMA curve.
Meanwhile, the SRSI indicator lines have fallen into the oversold region of the indicator. Technically, this suggests that downward forces may be weak. This will give buyers the opportunity to pile on more pressure in the market, causing prices to resume an upward trajectory.
Dash Market Remains Predisposed to Proceeding Upwards
Although price action has fallen below the 9-day EMA, buying may not be too discouraged among market participants just yet. This stems from the fact that the market remains well elevated, even following the recent upsurge in prices that occurred during the past six sessions.
Also, going by the behavior of the SRSI, this suggests that upside forces have a good chance of gathering momentum. This will result in the market pushing back toward the $80 mark for a breakout.
