Dash Price Technical Analysis – DASH/USD Resistance Holding

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Key Highlights

  • Dash price started a correction, but faced sellers near $68 against the US Dollar.
  • Yesterday’s highlighted two bearish trend lines with resistance at $68 on the hourly chart of DASH/USD (data feed from Poloniex) played well.
  • The price may continue to struggle as long as it remains below the $70 level.

Dash price (DigitalCash) correction could not last long, as DASH/USD faced a lot of offers near $70 and moved down once again.

Dash Price Resistance

Yesterday, we saw a sharp downside move in Dash price, as it moved towards $45 against the US Dollar. The price traded as low as $44.65 before starting a correction. During the correction wave, it moved above the 38.2% Fib retracement level of the last decline from the $90 high to $44.65 low. However, the correction could not last long, as the price faced a lot of offers near the $68 and $70 levels.

The $68 resistance turned out to be a major hurdle for buyers. Actually, yesterday’s highlighted two bearish trend lines with resistance at $68 on the hourly chart of DASH/USD acted as a major barrier. It played well and prevented more gains above $68-70. Moreover, the 50% Fib retracement level of the last decline from the $90 high to $44.65 low also acted as a resistance. Last, but not the least, the 100 hourly simple moving average at $67 also played its part well, and stopped an upside move.

As a result, the price is now moving lower, and trading below $62. Actually, there is a close below $60, which means the price might head towards $56. It looks like there can be more declines as long as the price is below $68.

Looking at the indicators:

Hourly MACD – The MACD for DASH/USD is again moving into the bearish zone.

Hourly RSI – The RSI for DASH/USD is struggling to settle above the 50 level.

Intraday Support Level – $56

Intraday Resistance Level – $68

 

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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