DASH/USD retreats 7%, can $55.00 hold?

Dash price bullish momentum loses steam under $65.00 seller congestion zone.
The retreat fails to find support at $60.00 but a bounce is expected at $55.00.

Dash price has within a short time transformed from one of the best-performing cryptocurrencies among the top 30 on Wednesday to the biggest single-digit loser on Thursday. The surge on Wednesday defied the bear dominance across the market to record gains of more than 10%. Dash price stepped above $60 and formed a weekly high at $62.50.

In the meantime, DASH/USD is trading at $58.30 after losing more than 7% of its value on the day. The trend is attempting to correct the retracement but the shrinking volatility suggests that fast movements are unlikely.

The zone at $58.00 is unlikely to hold but $55.00 is expected to come in handy. However, a sideways trading action is the most probable direction the trading would take based on the sideways moving RSI. The bulls could remain in the driver sit a while longer as the Elliot Wave Oscillator has started another bullish session.