Categories: Bitcoin Business

Dash Price Technical Analysis – DASH/USD Targets Fresh Lows

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Key Highlights

  • Dash price after a solid move towards $115 against the US Dollar failed, and moved down sharply.
  • The DASH/USD pair broke a crucial support trend line at $98 on the hourly chart (data feed from Poloniex) to ignite a downside wave.
  • The price retested the same $98 level, but was not able to regain it during the recovery.

Dash price (DigitalCash) corrected higher after a decline against the US Dollar and Bitcoin, and DASH/USD may now resume its downtrend back towards $85.

Dash Price Resistance

In the last analysis, we saw a major support near $98 in Dash price against the US Dollar. The price held the mentioned support very well and spiked above $110. It traded towards $115-116 where it faced resistance and moved down sharply. The downside move was very sharp, as the price broke the $100 support. There was also a move below a crucial support trend line at $98 on the hourly chart of DASH/USD to ignite a downside wave.

The pair declined heavily and traded towards the $78 level to form a low at $78.63. Later, a recovery was started, and the price crawled back above the 23.6% Fib retracement level of the last decline from the $116 high to $78 low. However, the price could not over sellers near $98. The level which was a support earlier acted as a resistance and prevented gains above $100.

Moreover, the 50% Fib retracement level of the last decline from the $116 high to $78 low also acted as a hurdle. So, it looks like the price may resume its downtrend soon and retest $85 as long as below $98-100.

Looking at the indicators:

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

Hourly RSI – The RSI for DASH/USD is now below the 50 level with no sign of a move higher.

Intraday Support Level – $85

Intraday Resistance Level – $98

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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