Key Highlights
- Dash buyers managed to take the price higher and broke a crucial resistance at 0.0121BTC.
- Prices settled successfully above 0.0121BTC, which is a bullish sign in the near term.
- The broken resistance at 0.0121BTC might act as a support moving ahead.
Dash price might attempt one more push higher, as a break above 0.0120BTC was very critical and suggests that sellers were outpaced.
Buy Dips?
Dash prices after breaking above 0.0121BTC, popped towards 0.0127BTC where there was a minor reaction. The upside noted was quick as the mentioned break acted as a catalyst for buyers to take the price higher. It is currently correcting lower and trading near the 38.2% Fib retracement level of the last wave from 0.0117BTC to 0.0127BTC.
The Middle Bollinger Band is providing support in the short term, but there is a chance that the price might slide to test the 50% Fib retracement level, which is just above the all-important pivot of 0.0121BTC. Moreover, 0.0119BTC also holds the key for the market sentiment, as the 100 hourly simple moving average is positioned around the same level. So, 0.0119-0.0120BTC area can be seen as a reaction zone for buyers. Only a break back below 0.0121BTC may perhaps change the trend to bearish.
On the upside, 0.0125BTC is an immediate resistance, which if taken out could take the price towards the last swing high of 0.0127BTC. In that situation, we might even witness a new high, taking the price towards 0.0130BTC. The mentioned level is the next reaction are for sellers moving ahead.
Intraday Support Level – 0.0120BTC
Intraday Resistance Level – 0.0125BTC
The hourly RSI is grinding lower after testing the overbought levels, and the MACD has changed the slope to bearish. All this suggests that there is a chance of a correction that can be seen as a buying opportunity.
Charts courtesy of Trading View
