Analysis Crypto

Dash Price Technical Analysis – DASH/USD Facing Major Resistance

Aayush Jindal | August 1, 2017 | 4:30 am
Dash Price Technical Analysis
Analysis

Dash Price Technical Analysis – DASH/USD Facing Major Resistance

Aayush Jindal | August 1, 2017 | 4:30 am

Key Highlights

  • Dash price struggling to break the $180 resistance versus the US Dollar and currently trading in a range.
  • There is a short-term bearish trend line forming with resistance at $180 on the hourly chart of DASH/USD (data feed from Poloniex).
  • The price needs to clear the $180 resistance and the 100 hourly simple moving average for more gains.

Dash price (DigitalCash) is slowly moving higher against the US Dollar and Bitcoin, and now DASH/USD faces a tough test near $180.

Dash Price Resistance

Recently, there was a decline below $180 in Dash price against the US Dollar. The price even traded below the $170 level and formed a low at $169. Later, a recovery wave was initiated, and the price was able to move back above the $175 level. However, the same broken support at $180 is currently acting as a barrier for buyers. There is also a short-term bearish trend line forming with resistance at $180 on the hourly chart of DASH/USD.

Furthermore, the 23.6% Fib retracement level of the last decline from the $218 high to $169 low is near $180.50. Lastly, the $180 resistance also coincides with the 100 hourly simple moving average. All in all, the $180 resistance is a crucial level for more gains in the near term. If buyers succeed in clearing $180, the next stop could be $188. The $188 level was also a support earlier and now it may act as a resistance.

Dash Price Technical Analysis

The 38.2% Fib retracement level of the last decline from the $218 high to $169 low is also around $188. So, even if there is a break above $180, gains could be limited by $188.

Looking at the indicators:

Hourly MACD – The MACD for DASH/USD is slowly moving in the bullish zone.

Hourly RSI – The RSI for DASH/USD is well above the 50 level.

Intraday Support Level – $170

Intraday Resistance Level – $180

 

Charts from Poloniex; hosted by Trading View

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