- Dash price dived towards 0.0121BTC where it found support as forecasted in Yesterday’s analysis.
- Buyers might fight and push the price back up as long as 0.0120BTC remains intact.
- 100 hourly simple moving average is also aligned around the mentioned area to act as a hurdle.
Dash price corrected lower after setting a high at 0.0127BTC, and looks set for another leg higher in the short term.
Importance of 0.0120BTC
Dash prices after setting a short-term top at 0.0127BTC moved lower, and tested a crucial support area at 0.0120BTC. The price stalled around the mentioned area as there were many reasons for the buyers to appear to protect losses. First, 0.0.120BTC is a key pivot area for Dash prices, as it acted as a support and resistance many times. Second, the 100 hourly simple moving average is also positioned around the stated support zone. Moreover, the Lower Bollinger Band also added to the value and stopped the downside.
We need to see how long the price of Dash can stay above 0.0120BTC, as there are a few bearish signs emerging. The hourly RSI has moved below the 50 level, and signaling more downsides for Dash. Furthermore, the MACD is also in the negative zone, helping the seller’s sentiment.
A break and close below 0.0119BTC might set Dash prices for more declines in the near term. The next level of interest in that situation could be around 0.0117BTC, which also represents the last swing low for Dash.
Intraday Support Level – 0.0120BTC
Intraday Resistance Level – 0.0125BTC
On the upside, the Middle Bollinger Band can be seen as a hurdle for buyers moving ahead. If they manage to take it out, then a retest of the last high at 0.0127BTC is possible in the short term.
Charts courtesy of Trading View