- Dash price consolidating after losses it suffered recently.
- On the downside, 0.0109BTC remains a key support which must hold if the price has to correct higher.
- Selling rallies is still a preferred option for Dash.
After a monstrous decline in the Dash price, it looks like it might continue to consolidate in the short term.
Price to Decline?
After recent losses in Dash, it looks like price stabilized around 0.0109BTC, and there is a chance that it might correct higher moving ahead. The Bollinger Bands are contracting and forming a narrow range pattern, suggesting that a consolidation phase is underway. We need to see how this shapes up, and which way the price breaks after consolidating.
There is a bearish trend line formed on the hourly chart, which may perhaps act as a resistance for the pair. Moreover, the 100 hourly simple moving average is also perfectly aligned with the highlighted trend line, which point towards the importance of the resistance. If the Dash price moves higher from the current levels, then it might struggle around 0.0117BTC, which is also coinciding with the 61.8% Fib retracement level of the last dip from 0.0122BTC to 0.0109BTC.
An initial resistance could be around the 38.2% Fib retracement, followed by the 50% Fib level. The Upper Bollinger Band is sitting around the 38.2% Fib level, suggesting sellers might appear around 0.0114BTC. Let us see how prices behave in the near term. A key point to note is the fact that the hourly RSI is below the 50 level, and MACD is starting to move towards the bearish slope.
Intraday Support Level – 0.0109BTC
Intraday Resistance Level – 0.0114BTC
Overall, the probability of a downside move is more compared with a break higher. A break below 0.0109BTC could take the price towards 0.0102BTC.
Charts courtesy of Trading View