Dash Price Key Highlights
- Dash price continued to struggle to clear a major hurdle around 0.0116BTC, and now 0.0112BTC is also a resistance zone developing.
- A bearish trend line as highlighted in yesterday’s analysis remains a key factor for the next move.
- 100 hourly simple moving average is also adding to the bearish pressure.
Dash price struggle to trade higher speaks volume about the recent bearish pressure, which might ignite a downside move.
More Losses Likely
There had been more than 5 attempts to clear a major resistance around 0.0116BTC-0.0114BTC, but buyers failed to gain momentum. The trend line is moving lower and so is the range, which means there will be a break in the near term either higher or lower. We just need to wait for a couple of sessions before we witness a break. On the upside, there are many resistances including the 100 hourly simple moving average, the Middle Bollinger Band and 61.8% Fib retracement level of the last drop from 0.0120BTC to 0.0108BTC (as stated in the previous analysis as well).
Currently, the range is narrowed, which means a break is imminent. If buyers succeed in clearing the 100 MA and the price settled above the same, then more gains towards 0.0120BTC is possible. However, it would take a lot of strength for buyers to take the price higher above the highlighted resistance zone.
On the downside, the price is closing in towards the last low of 0.0108BTC where we might witness bids. A break below the same may perhaps push the price towards 0.0104BTC. Any further declines might be dependent how buyers react around the mentioned level.
Intraday Support Level – 0.0108BTC
Intraday Resistance Level – 0.0114BTC
Most indicators are signaling more losses in the near term, so buyers have to be careful moving ahead.
Charts courtesy of Trading View