- Dash recovered sharply after diving towards 0.0110BTC where buyers managed to protect further losses.
- There is a bearish trend line forming on the hourly chart of Dash, which may perhaps act as a hurdle for buyers.
Dash is struggling around an important level at 0.0120BTC, which was a support earlier and now acting as a resistance for more gains.
Can Buyers Clear 0.0120BTC?
This past week we forecasted a downside reaction in Dash once the price went below 0.0120BTC. There was a sharp downside, which took it towards 0.0110BTC where somehow buyers managed to hold the downside. Dash prices recovered sharply and managed to clear the 50% Fib retracement level of the last drop from 0.0122BTC high. The price traded as high as 0.0122BTC where it failed miserably and currently consolidating below 0.0120BTC. The mentioned level is a major hurdle for buyers and if they manage to take prices above it, more gains are likely.
One crucial point was the fact that the price is now above the 100 hourly simple moving average, which may perhaps act as a support if the price moves lower.
There is one important support forming around the 50% Fib retracement level of the last leg from 0.0110BTC to 0.0122BTC, as the Lower Bollinger Band is also aligned around the stated Fib level. Any further downside might call for a bearish wave that could take prices back towards the last low.
Intraday Support Level – 0.0114BTC
Intraday Resistance Level – 0.0120-2BTC
Let us see how the bulls behave in the near term, and whether they manage to pierce 0.0120BTC. There are a few signs of strength on the hourly chart, as the hourly RSI has started to move upside.
There is also a chance of cross over on the hourly chart, adding to the view of more gains moving ahead.
Charts courtesy of Trading View