Dash Price Key Highlights
- Dash price continued to find buyers around a major support area at 0.0125BTC.
- Price remains at risk of a break as forecasted in one of the recent analyses.
- A new triangle pattern is formed, which may act as a catalyst for the next move.
Dash price looks like consolidating above 0.0.125BTC and setting up for the next wave in the near term.
What’s after consolidation?
As mentioned, it looks like the price is consolidating and positioning up for the next move. Sellers struggled time and again to break an important support area of 0.0125BTC. As stated earlier too, the mentioned level is a crucial area, as many things are aligned around it. Moreover, as pointed out yesterday, the Lower Bollinger Band along with the 61.8% Fib retracement level of the last wave from 0.0104BTC to 0.0156BTC is aligned around the stated support area. Now, a contracting triangle is forming on the 4-hours chart, which may ignite swing moves once there is a break.
The chances of the price moving higher is more, as there were several attempts by sellers but they failed to take the price lower. If at there is a downside reaction, the 100 (4-hours) simple moving average might come into action to prevent losses. The stated MA is positioned around 0.0120BTC, which is also a pivot zone.
On the upside, a triangle break could set the price for the next wave up. An immediate hurdle after the break may be around 0.0135BTC. Any further gains may take the price towards the last swing high of 0.0156BTC where sellers might appear.
Intraday Support Level – 0.0125BTC
Intraday Resistance Level – 0.0135BTC
The hourly RSI and MACD are not showing any signs of bulls, but instead they are aligning for a break lower in the short term.
Charts courtesy of Trading View