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Fractal like 2016 shows that DASH price can be doubled compared to current price

    DASH prices have been falling since reaching a high of ₿0,0161 on January 15. The rate reduction has been accelerated on February 15 and the price has been down 25% since then.

    Dash Highlights (DASH)

    • DASH price has broken down below a symmetrical triangle.
    • A golden cross happened.
    • There is support at ₿0,0085.
    • DASH is likely to follow a fractal in 2016.

    Full-time trader Crypto MichNL tweeted a DASH price chart and highlighted the similarity between the current movement and the movement that took place in January 2016. If the fractal continues to hold, he believes the price will double in price. from the current level and reach ₿0.018.

    The previous breakout

    On January 10, the DASH price crossed the descending resistance line, and initiated a fast-rising movement, rising 150% in just five days to hit a high of ₿0,0161 on January 15.

    On January 31, a golden cross was created by the 50 and 200-day moving averages (MA), which is a cross point in favor of the long-term uptrend. The price is almost getting close to the 200-day MA, which is currently at ₿0.0085 and expected to provide support.

    gia-dash-tang-2-lan

    Daily DASH / BTC chart | Source: TradingView

    The main support area is found at ₿0.0085. In addition to the presence of the 200-day MA, it is also a level that has previously acted as a resistance and support for prices.

    Therefore, we expect the price to drop to this level and may bounce back when it reaches there.

    gia-dash-tang-2-lan

    Daily DASH / BTC chart | Source: TradingView

    Triangle symmetrical

    On February 15, the price broke down below a symmetrical triangle. And confirmed the support line to become a resistance on February 17, then keep falling down.

    The price then formed an additional triangle pattern, but the decline continued.

    If the length of both triangles is measured, it seems that the price has fulfilled its price reduction goal. The price is now trending up, combined with the bounce of the RSI from the oversold zone and rising to above 30. However, we believe this pullback will be blocked by the support line. (now becomes resistance) of the second triangle pattern, and continue falling to the zone of ₿0.0085 to confirm the bullish divergence in the RSI, before rising again.

    gia-dash-tang-2-lan

    4-hour DASH / BTC chart | Source: TradingView

    Fractal 2016?

    The fractals mentioned in the tweet started in January 2016, at ₿0,0055, almost identical to the current rally movement that started in December 2018.

    Interestingly, the next highs are also very similar, both topping the range at ₿0.015.

    If the price continues to follow this fractal, it will create lows near ₿0.0085 before continuing to rise to ₿0.018.

    gia-dash-tang-2-lan

    Weekly DASH / BTC chart | Source: TradingView

    Conclude

    DASH price has decreased rapidly since reaching a high of ₿0,0161. Currently, the price is tending to bounce back, but we think that it will continue dropping to the support level of .000.0085. After that, it is expected to move upwards to reach ₿0.018.

    Price Dash today | Source: Coinmarketcap

    Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

    Sn_Nour

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