- Dash price after a ride towards the $225 level versus the US Dollar faced sellers and declined.
- There is a major bearish trend line with resistance at $185 forming on the hourly chart of DASH/USD (data feed from Poloniex).
- The price currently correcting higher, but might struggle to break the $180-185 resistance zone.
Dash price (DigitalCash) declined and broke key supports against the US Dollar and Bitcoin, and now DASH/USD is back in the bearish zone below $185.
Dash Price Resistance
In the last analysis, we saw a decent spike in Dash price above the $190 level against the US Dollar. The price even broke the $210 resistance and traded towards $225 where it faced sellers. Later, the price started a downside move and traded below the $210 ad $200 support levels. The most important move was below the $185-180 support, which can be considered as a weekly pivot in the short term.
The price traded as low as $164.68 where it found support. It is currently correcting higher, but the upside move above $185 could be limited. An initial resistance is near the 23.6% Fib retracement level of the last decline from the $211 high to $164 low. However, there is a major bearish trend line with resistance at $185 forming on the hourly chart of DASH/USD. The same trend line is positioned with the 50% Fib retracement level of the last decline from the $211 high to $164 low.
So, it won’t be easy for buyers to take the price back above $185 in the near term. Selling rallies towards the trend line resistance of $185 may be considered in the short term. On the downside, the $160-150 levels are decent supports.
Looking at the indicators:
Hourly MACD – The MACD for DASH/USD has moved into the bearish zone
Hourly RSI – The RSI for DASH/USD is still in the oversold levels.
Intraday Support Level – $165
Intraday Resistance Level – $185
Charts from Poloniex; hosted by Trading View