Dash Price Technical Analysis – DASH/USD Facing Tough Challenge

Dash Price Technical Analysis

Key Highlights

  • Dash price after a monster decline towards $150 versus the US Dollar found support and started a recovery.
  • There was a break above a major bearish trend line with resistance at $178 on the hourly chart of DASH/USD (data feed from Poloniex).
  • The price is currently trading just around a crucial resistance area at $180.

Dash price (DigitalCash) recovered well after losses against the US Dollar and Bitcoin, and now DASH/USD is testing a major resistance area at $180.

Dash Price Upside Hurdle

Recently, there was a solid increase in bearish pressure on Dash price and it moved below the $160 level against the US Dollar. The price traded as low as $148.95 where it found bids and started a recovery. The upside move was decent as the price was able to break the $160-165 resistance area. It also cleared the 38.2% Fib retracement level of the last decline from the $210 high to $148 low. It opened the doors for more gains and the price was able to settle above $170.

During the upside, there was a break above a major bearish trend line with resistance at $178 on the hourly chart of DASH/USD. However, the price is currently struggling to clear the $180 barrier. It also represents the 50% Fib retracement level of the last decline from the $210 high to $148 low. Furthermore, the 100 hourly simple moving average is also just above $180.

Dash Price Technical Analysis

Clearly, the $180 level is a major resistance, and it won’t be easy for buyers to push the price towards $200. On the other hand, the recent break was encouraging, which means the price is supported on the downside near $170. So, it might break $180 sooner or later.

Looking at the indicators:

Hourly MACD – The MACD for DASH/USD is currently neutral with no major signal.

Hourly RSI – The RSI for DASH/USD is heading higher above the 50 level.

Intraday Support Level – $170

Intraday Resistance Level – $180

 

Charts from Poloniex; hosted by Trading View

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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