- Dash price after a solid move towards $115 against the US Dollar failed, and moved down sharply.
- The DASH/USD pair broke a crucial support trend line at $98 on the hourly chart (data feed from Poloniex) to ignite a downside wave.
- The price retested the same $98 level, but was not able to regain it during the recovery.
Dash price (DigitalCash) corrected higher after a decline against the US Dollar and Bitcoin, and DASH/USD may now resume its downtrend back towards $85.
Dash Price Resistance
In the last analysis, we saw a major support near $98 in Dash price against the US Dollar. The price held the mentioned support very well and spiked above $110. It traded towards $115-116 where it faced resistance and moved down sharply. The downside move was very sharp, as the price broke the $100 support. There was also a move below a crucial support trend line at $98 on the hourly chart of DASH/USD to ignite a downside wave.
The pair declined heavily and traded towards the $78 level to form a low at $78.63. Later, a recovery was started, and the price crawled back above the 23.6% Fib retracement level of the last decline from the $116 high to $78 low. However, the price could not over sellers near $98. The level which was a support earlier acted as a resistance and prevented gains above $100.
Moreover, the 50% Fib retracement level of the last decline from the $116 high to $78 low also acted as a hurdle. So, it looks like the price may resume its downtrend soon and retest $85 as long as below $98-100.
Looking at the indicators:
Hourly MACD – The MACD for DASH/USD is still in the bearish zone.
Hourly RSI – The RSI for DASH/USD is now below the 50 level with no sign of a move higher.
Intraday Support Level – $85
Intraday Resistance Level – $98
Charts from Poloniex; hosted by Trading View