Dash Price Technical Analysis – DASH/USD Trashed Below $50

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Key Highlights

  • Dash price fell sharply and traded below the $60 support against the US Dollar.
  • There are a couple of bearish trend lines with resistance at $68 and $70 formed on the hourly chart of DASH/USD (data feed from Poloniex).
  • The price may correct higher, but likely to face sellers near the $68 and $70 levels.

Dash price (DigitalCash) weakened a lot and traded towards $50 against the US Dollar, and DASH/USD may now continue to face sellers.

Dash Price Downside Move

There was a sharp downside move in Dash price, as it cleared the $60 support against the US Dollar. The price traded lower and tested the $50 support area where it found buyers. A new weekly and monthly low of $44.65 was formed. The price started a recovery from the $50 support area, and currently attempting to move above $60. There was a solid increase in selling pressure, which ignited a downside move of more than 15%.

We need to see how the price trades and whether it can retake the $60 level or not. It is already trading above the 23.6% Fib retracement level of the last decline from the $90 high to $44.65 low. So, there are chances of further recovery. On the upside, a major hurdle is near a couple of bearish trend lines with resistance at $68 and $70 formed on the hourly chart of DASH/USD (data feed from Poloniex). Moreover, the same levels coincide with the 50% Fib retracement level of the last decline from the $90 high to $44.65 low.

So, if the price recovers further, it could face sellers near $68 and $70 levels. However, I think a close above $60 might also be difficult.

Looking at the indicators:

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

Hourly RSI – The RSI for DASH/USD is bouncing from the oversold levels.

Intraday Support Level – $50

Intraday Resistance Level – $60

 

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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