Dash Price Technical Analysis – DASH/USD Turned Bearish?


Key Highlights

  • Dash price remained under pressure, and moved below the $100 support against the US Dollar.
  • There is a descending channel pattern formed with resistance at $104 on the hourly chart of DASH/USD (data feed from Poloniex).
  • The price might remain in a downtrend for yet another push lower towards the $90-88 levels.

Dash price (DigitalCash) made a nice downside move below $100, and it looks like the DASH/USD pair might move down further in the short term.

Dash Price Decline

Yesterday, we discussed that there is a chance of short-term pullback in Dash price against the US Dollar. The price did find sellers near the $110 level and moved down. There was even a break below the $100 level. During the downside move, the price also tested the 61.8% Fib retracement level of the last wave from the $76 low to $117 high. So, there was a technical close below the 50% Fib level of the same wave below $100.

It means there is a chance of another dip towards $90-88. The price at the moment is following a descending channel pattern formed with resistance at $104 on the hourly chart (DASH/USD, data feed from Poloniex). As long as the price is below the $104 resistance, it might decline further. On the upside, the channel resistance is positioned with the 100 hourly simple moving average at $105.

Moreover, the 38.2% Fib retracement level of the last decline from the $117 high to $89 low is also around the same channel resistance. If the price moves higher it might face hurdle near $104-105. On the downside, the channel support is near $88, which might try to hold losses.

Looking at the indicators:

Hourly MACD – The MACD for DASH/USD is attempting to recover from the bearish zone.

Hourly RSI – The RSI for DASH/USD is now below the 50 level.

Intraday Support Level – $88

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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