DASH traders, the $63 rebound is in – Is it time to aim for $130?
Buy-side pressure is rising again, yet one invalidation point still threatens the setup.
Key Takeaways
Why is Dash rallying?
A retest of the key Fibonacci retracement level at $63 yielded a positive reaction, showcasing bullish strength and swaying short-term sentiment.
What are the next price targets?
A rally past $100 would likely take Dash to new highs for the year, to $176.
In a previous report, AMBCrypto highlighted how some of the privacy tokens, such as Dash [DASH], were undergoing a retracement.
This retracement had been swift and deep, but Dash has begun to recover from key support levels.
In recent days, the bullish performance of ZCash [ZEC] also boosted the chances of recovery within the sector. There has been a 45% rally, measured from the low DASH made on Thursday, the 13th of November, at $61.6.
This deep retracement had been a healthy reset for the market.
At the time of writing, key retracement levels and higher timeframe support levels were back in bullish control. It appeared likely that the current rally would go higher.
Mapping the next DASH price targets
Based on the impulse move higher that began in the final week of October, a set of Fibonacci retracement levels was plotted. They showed that Dash prices respected the 78.6% retracement level at $63 as support.
Over the past few days, the buying volume at this support level swelled and brought about the recent price surge to $99.
The swing structure was bullish, and the response at a key Fibonacci support level was encouraging.
Additionally, the $77.9, which was an important support level on the weekly timeframe, had also been defended.
Short-term structure stays supportive
On the 4-hour chart, momentum remained bullish.
The CMF stayed above +0.05 over the past two sessions, signaling sustained buy-side pressure. The $76–$82 imbalance (cyan zone) was filled and later retested, which launched another swift rally.
That move strengthened DASH’s short-term outlook. Traders may target $130 if bullish momentum holds. A broader continuation could lift the price toward the $176 Fib extension if buyers maintain control.
Meanwhile, a drop below $76 would invalidate this bullish idea.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
