- Dash price struggled once again to break a major resistance near $200 versus the US Dollar.
- There was a break below a crucial bullish trend line with support at $185 on the hourly chart of DASH/USD (data feed from Poloniex).
- The price is now below the 100 simple moving average, which may now act as a resistance near $190.
Dash price (DigitalCash) is struggling to break key resistances against the US Dollar and Bitcoin, and now DASH/USD may extend its current decline towards $170-160.
Dash Price Trend Line Break
In the last analysis few analysis, we saw how Dash price struggled to break the $200 level against the US Dollar. It once again failed to close above $200 and started a downside move. It traded below a few key support levels like $190 and $185. It looks like a major top is forming near $200 for more corrections lower. Let’s see how the price is trading below $190 and how it can make the next move.
During the recent downside, the price broke the 23.6% Fib retracement level of the last wave from the $130 low to $199 high. Moreover, there was a move below the 100 simple moving average at $190. Lastly, there was a break below a crucial bullish trend line with supports as $185 on the hourly chart of DASH/USD. These are negative signs, and may call for more declines in the near term towards $160.
The price recently tested the 38.2% Fib retracement level of the last wave from the $130 low to $199 high. It may correct a few points higher, but most likely to face sellers near the 100 simple moving average at $190. The broken trend line might also prevent gains above $188. Overall, selling rallies might be considered for another dip towards $170-160.
Looking at the indicators:
Hourly MACD – The MACD for DASH/USD is in the bearish zone.
Hourly RSI – The RSI for DASH/USD is now below the 50 level.
Intraday Support Level – $170
Intraday Resistance Level – $190
Charts from Poloniex; hosted by Trading View