Key Highlights
- Dash price continued to stay above 0.0125BTC, and looking for a break in the near term.
- There are chances that the price might break down, as many negative signals aligned favoring sellers moving ahead.
- The price is below the 100 4H SMA, which could encourage sellers.
Dash price is trading in a range and is looking for a break either lower or higher looking ahead.
Break Lower?
The Dash price struggled to keep pace as there was a downside reaction after trading as high as 0.0157BTC. However, as we all know there is a major support around 0.0125BTC, which acted as a barrier time and again. The mentioned area acted as a support and resistance on many occasions, which is the reason why there is a chance that buyers might be able to defend the mentioned support area.
There is a bearish trend line formed on the 4-hours chart, which is acting as a resistance for buyers in the short term. The most important point is the fact that the price is currently below the 100 SMA, which is a discouraging sign for buyers. Moreover, the 4H RSI is below the 50 level, suggesting sellers are active and might make an attempt to take the price lower. This is not all, as there is a divergence on the MACD as well pointing more losses moving ahead.
On the upside, a break above the highlighted trend line might take the price towards the 61.8% Fib retracement level of the last drop from 0.0157BTC to 0.0.127BTC. On the downside, a break below 0.0125BTC might take the price further lower towards 0.0120BTC.
Intraday Support Level – 0.0125BTC
Intraday Resistance Level – 0.0140BTC
Overall, there is a chance of a break, and the possibility of the price moving lower is more moving ahead.
Charts courtesy of Trading View
