- Dash price after testing $150 against the US Dollar found resistance and started a downside move.
- The DASH/USD pair is currently correcting lower, and broke a bullish trend line at $140 on the hourly chart (data feed from Poloniex).
- There is a chance of an extended correction towards the $125 level if sellers remain action.
Dash price (DigitalCash) after a nasty surge against the US Dollar and Bitcoin made a top. DASH/USD is currently correcting and may trade towards $125-130.
Dash Price Rise and Decline
In the last analysis, I mentioned that as long as Dash price is above $105-110 against the US Dollar, there is a chance of a move towards $135. The price did move towards $135, and also managed to break it. The upside move was very strong, as the price cleared the $140 and $145 resistance levels. A new weekly high was formed near $150.50 where the price found resistance and moved down.
A correction wave was started, as the price moved below the 23.6% Fib retracement level of the last wave from the $94 low to $150 high. Moreover, the DASH/USD pair also broke a bullish trend line at $140 on the hourly chart. It has ignited a downside wave towards $125. The pair is currently finding support just around the 38.2% Fib retracement level of the last wave from the $94 low to $150 high at $128. It may correct a few pips higher, but remains at a risk of more declines below $130.
In my view, the price may test $122, which coincides with the 50% Fib retracement level of the last wave from the $94 low to $150 high. The 100 hourly simple moving average is also near $120. So, if the pair corrects lower, there can be a major buy zone near $120.
Looking at the indicators:
Hourly MACD – The MACD for DASH/USD is currently in the bearish slope.
Hourly RSI – The RSI for DASH/USD is heading lower, and below 50.
Intraday Support Level – $125
Intraday Resistance Level – $145
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.