Categories: Bitcoin Business

Dash Price Technical Analysis – DASH/USD Testing Major Support

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Key Highlights

  • Dash price managed to trade above $110 against the US Dollar, but later found resistance.
  • The DASH/USD pair is currently trading near a major bullish trend line with support at $98 on the hourly chart (data feed from Poloniex).
  • A successful close below the trend line support at $98 may call for further declines in the near term.

Dash price (DigitalCash) is currently struggling against the US Dollar and Bitcoin, and DASH/USD may soon break a major support at $98 for a downside move.

Dash Price Break Likely

In the last analysis, we saw how there was an upside break in Dash price above $100 against the US Dollar. The price continued to trade higher and even managed to break the $110 level. A new high was formed near $116 where sellers appeared and pushed the price down. The price traded sharply lower, and moved below $110. There was a clear break of the 50% Fib retracement level of the last wave from the $90 low to $116 high.

The price even attempted a close below the 100 hourly simple moving average at $102. At the moment, the price is trading below $100, and attempting a crucial break. It is trading near a major bullish trend line with support at $98 on the hourly chart of DASH/USD. It is also below the 61.8% Fib retracement level of the last wave from the $90 low to $116 high.

So, there are high chances of Dash price breaking the trend line support at $98. If there is a close below the trend line support at $98, it may ignite a decline towards $90. On the upside, the $105 level could act as a resistance in the short term.

Looking at the indicators:

Hourly MACD – The MACD for DASH/USD is moving slowly in the bearish zone.

Hourly RSI – The RSI for DASH/USD is well below the 50 level and heading south.

Intraday Support Level – $98

Intraday Resistance Level – $105

Charts from Poloniex; hosted by Trading View

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
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