Dash Price Technical Analysis – Key Highlights
- Dash price managed to stay above 0.0116BTC, but remains at risk of more losses.
- There are a couple of bearish trend lines formed, which are protecting gains in Dash.
- As long as the price is below 0.0120BTC it might continue to move lower.
Dash price corrected a bit higher after settling around 0.0116BTC, but the upside was limited due to the number of hurdles on the upside.
Can sellers break 0.0116BTC?
As we highlighted yesterday that the Dash price found support around an important area of 0.0116BTC. The mentioned support was protected Intraday, and buyers managed to take the price a bit higher. However, the correction was limited due to several reasons. First, there are two bearish trend lines formed on the hourly chart out of which we highlighted one yesterday, and another is formed in the correction phase. Second, the previous support area of 0.0119BTC and 0.0120BTC are acting as hurdles for buyers in the near term. Last, the 23.6% Fib retracement level of the last drop from 0.0128BTC to 0.0116BTC is also around the stated resistance zone.
One thing to note is that the Bollinger bands have started to shrink and forming a consolidation pattern, which means the price might trade in a range in the near term. However, sellers are in control and have an upper hand, suggesting that the chance of the price moving lower is a lot of more.
If sellers manage to clear the recent low of 0.0116BTC, then there is a risk of a move towards 0.0112BTC. The hourly RSI is still below the 50 level, which means buyers are struggling.
Intraday Support Level – 0.0116BTC
Intraday Resistance Level – 0.0120BTC
In short, we need to see which way the price break after the consolidation phase is over. Sellers might try to break 0.0116BTC, so buyers need to be very careful.
Charts courtesy of Trading View