- Dash price after failing near the $110 level against the US Dollar moved down.
- There was a break below a bullish trend line with support at $105 on the hourly chart of DASH/USD (data feed from Poloniex).
- The price might bounce, but could face sellers near the $105-108 levels in the short term.
DigitalCash (Dash) price was seen struggling to break the $110 level against the US Dollar, which prompted a short-term decline in DASH/USD.
Dash Price Resistance
There was a reaction from the recent high of $117.78 in Dash price against the US Dollar. Later, the price attempted another upside move, but failed near $110. So, there was a lower low pattern formed with support just around $100. Later, the price moved down, and was seen struggling below $110. During the downside move, it broke the 23.6% Fib retracement level of the last wave from the $76 low to $117 high.
However, the most important move was below a bullish trend line with support at $105 on the hourly chart of DASH/USD (data feed from Poloniex). It prompted a move towards the 50% Fib retracement level of the last wave from the $76 low to $117 high. The price then found support just around $100, and the 100 hourly simple moving average. It is currently attempting a bounce back from the $100-98 support zone, but might struggle.
The broken trend line at $110-108 might now act as a resistance. As long as the price is below the $110 level, there is a chance of a test of $92. The stated level coincides with the 61.8% Fib retracement level of the last wave from the $76 low to $117 high.
Looking at the indicators:
Hourly MACD – The MACD for DASH/USD is now in the bearish zone.
Hourly RSI – The RSI for DASH/USD has moved below the 50 level, and struggling.
Intraday Support Level – $96
Intraday Resistance Level – $110
Charts from Poloniex; hosted by Trading View