- Dash price managed to trade above $110 against the US Dollar, but later found resistance.
- The DASH/USD pair is currently trading near a major bullish trend line with support at $98 on the hourly chart (data feed from Poloniex).
- A successful close below the trend line support at $98 may call for further declines in the near term.
Dash price (DigitalCash) is currently struggling against the US Dollar and Bitcoin, and DASH/USD may soon break a major support at $98 for a downside move.
Dash Price Break Likely
In the last analysis, we saw how there was an upside break in Dash price above $100 against the US Dollar. The price continued to trade higher and even managed to break the $110 level. A new high was formed near $116 where sellers appeared and pushed the price down. The price traded sharply lower, and moved below $110. There was a clear break of the 50% Fib retracement level of the last wave from the $90 low to $116 high.
The price even attempted a close below the 100 hourly simple moving average at $102. At the moment, the price is trading below $100, and attempting a crucial break. It is trading near a major bullish trend line with support at $98 on the hourly chart of DASH/USD. It is also below the 61.8% Fib retracement level of the last wave from the $90 low to $116 high.
So, there are high chances of Dash price breaking the trend line support at $98. If there is a close below the trend line support at $98, it may ignite a decline towards $90. On the upside, the $105 level could act as a resistance in the short term.
Looking at the indicators:
Hourly MACD – The MACD for DASH/USD is moving slowly in the bearish zone.
Hourly RSI – The RSI for DASH/USD is well below the 50 level and heading south.
Intraday Support Level – $98
Intraday Resistance Level – $105
Charts from Poloniex; hosted by Trading View