Dash is slipping again after briefly maintaining a thin trading range. The cryptocurrency has already retested the previous low of 0.0135BTC and looks all set to challenge the April-low of 0.0131BTC.
The market has shown no interest in Dash and consequently, the upward momentum has faded leading to a drop in cryptocurrency value. Each Dash is now worth 0.01365BTC, which is 2.5% down from yesterday’s level of 0.014BTC.
Technical analysis implemented on the 360-minute DRK/BTC price chart brings forth some very interesting trading information.
Chart Structure – In a major dent to the bullish mood, Dash has failed to threaten the previous tops but has touched and is languishing near the previous lows. Upon a closer look at the chart above, it can be seen that the cryptocurrency is currently resting on the higher support level. A breach of the two marked support levels i.e. a settlement below 0.0131BTC could lead to a panic fall in Dash price.
Volume – Volume activity has remained subdued ever since the cryptocurrency plummeted to the lowest level of April, raising questions about the credibility of the reversal.
Bollinger Bands – The 20-6h simple moving average of 0.01359BTC is acting as a tough ceiling while the lower range of the Bollinger Bands is cushioning the cryptocurrency.
Relative Strength Index – The RSI indicator reading has seen a big slump from yesterday’s 43.27 to the present 37.54. A sustained decline in the underlying strength reading can lead to a steep fall in Dash price.
Conclusively, it can be established that Dash may fall further in the coming sessions unless buyers do the needful. Building long positions is ill advised at this juncture. Short-term traders may wait for a breakdown to initiate short positions. The cryptocurrency may end its consolidation phase as it closes this week.