DASH Crypto Slides 31%, Tests Key Support at $55

DASH has been on a significant rally in recent weeks, benefiting from the strongly bullish sentiment generated by Zcash [ZEC]. The privacy coin surged 165% in under three weeks, from $29.62 on August 19th to $78.68 by September 6th. However, since then, it entered a corrective phase and has been testing the critical $55 support zone. Despite this retracement of 31%, key multi-month resistance levels have been breached and are being flipped to support.

The OBV has steadily advanced in recent weeks to signal increased buying volume, and the RSI shows that bullish momentum was prevalent on the daily timeframe despite the correction. Traders consider waiting for a sign of continuation before entering the market, as DASH can rebound strongly from the $52 demand zone.

Swing traders are watching for a price dip below $52.87 or a breakout past $57.20-$57.80 to determine if DASH will continue its uptrend or drop to $45.85.