Dash Price Technical Analysis – DASH/USD Short-term Pullback




DigitalCash (Dash) price was seen struggling to break the $110 level against the US Dollar, which prompted a short-term decline in DASH/USD.
Dash Price Technical Analysis DigitalCash

Key Highlights

  • Dash price after failing near the $110 level against the US Dollar moved down.
  • There was a break below a bullish trend line with support at $105 on the hourly chart of DASH/USD (data feed from Poloniex).
  • The price might bounce, but could face sellers near the $105-108 levels in the short term.

DigitalCash (Dash) price was seen struggling to break the $110 level against the US Dollar, which prompted a short-term decline in DASH/USD.

Dash Price Resistance

There was a reaction from the recent high of $117.78 in Dash price against the US Dollar. Later, the price attempted another upside move, but failed near $110. So, there was a lower low pattern formed with support just around $100. Later, the price moved down, and was seen struggling below $110. During the downside move, it broke the 23.6% Fib retracement level of the last wave from the $76 low to $117 high.

However, the most important move was below a bullish trend line with support at $105 on the hourly chart of DASH/USD (data feed from Poloniex). It prompted a move towards the 50% Fib retracement level of the last wave from the $76 low to $117 high. The price then found support just around $100, and the 100 hourly simple moving average. It is currently attempting a bounce back from the $100-98 support zone, but might struggle.

Dash Price Technical Analysis  DigitalCash

The broken trend line at $110-108 might now act as a resistance. As long as the price is below the $110 level, there is a chance of a test of $92. The stated level coincides with the 61.8% Fib retracement level of the last wave from the $76 low to $117 high.

Looking at the indicators:

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

Hourly RSI – The RSI for DASH/USD has moved below the 50 level, and struggling.

Intraday Support Level – $96

Intraday Resistance Level – $110

 

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.

Published by

Aayush Jindal

Aayush has spent over a DECADE as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets. He is a software engineer by profession, loves blogging and observing financial markets.

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