Dash Price Key Highlights
- Dash price continued to trade higher and looks set for a test of a major barrier around 0.0120BTC.
- The broken bearish trend line as highlighted yesterday provided support on the downside move.
- The price managed to settle above the 100 hourly simple moving average, which is a positive sign.
Dash price moving higher and settling above the 100 hourly SMA is a positive sign for buyers in the near term.
Retest of 0.0120 BTC
We highlighted yesterday that the 100 hourly simple moving average is acting as a barrier for buyers for more gains. However, buyers managed to clear the stated MA to set the tone for more gains in the near term. Now, the next level of selling interest could be seen around 0.0120BTC. The mentioned level represents a monster swing area, and also positioned with the 23.6% Fib retracement level of the last drop from 0.0147BTC to 0.0110BTC. There is a chance that buyers might struggle to clear the highlighted resistance area as it acted as a hurdle previously.
If they manage to clear it and the price settle above 0.0120BTC, then a move towards the 38.2% Fib level is possible. There is a divergence between the hourly RSI and MACD, as the latter one started to move in the bearish zone and pointing a move down ahead. We need to see how the price trades once it reaches 0.0120BTC in the near term.
On the downside, the 100 hourly SMA is an immediate support for buyers. A break below it might push the price towards the broken trend line. Any further downsides could ignite a move towards the last swing low of 0.0110BTC.
Intraday Support Level – 0.0112BTC
Intraday Resistance Level – 0.0120TC
As long as the price is above the 100 hourly SMA, there is a hope for more gains.
Charts courtesy of Trading View