Dash Price Key Highlights
- Dash price continued to trade in a tiny range with a monster support around 0.0116BTC.
- Sellers are struggling to clear 0.0116BTC, which poses a threat of a bounce.
- As mentioned yesterday, buyers need to break the 100 simple moving average to take the price higher.
There was an upside reaction in Dash price yesterday, but buyers failed to maintain gains as the price moved back lower.
Consolidation Phase
Looking at the current price action, it looks like the price is under a major consolidation phase, as both buyers and sellers struggling to take the price in one particular direction. There is a monster support on the downside around 0.0116BTC that acted as a barrier for sellers time and again. There were at least 10 attempts made recently to pierce the mentioned level, but buyers managed to defend it successfully. The Bollinger Bands speak volumes of the current consolidation phase.
It won’t be easy for sellers to break the mentioned support area in the short term. However, if they manage to do that, then there is a chance of a nasty move down towards 0.0110-2BTC.
On the upside, the 100 hourly simple moving average holds the key as it might act as a pivot area for buyers. Moreover, the 23.6% Fib retracement level of the last drop from 0.0125BTC to 0.0116BTC could also come into action to prevent losses moving ahead. A break above the range resistance of 0.0119BTC might set the tone for more gains towards 0.0122BTC.
Any further gains may be dependent on how sellers react if the price moves higher in the near future. As long as there is no real break, staying on sidelines is a good deal.
Intraday Support Level – 0.0116BTC
Intraday Resistance Level – 0.0120BTC
There is a minor divergence forming on the hourly MACD, which might open the doors for a break moving ahead.
Charts courtesy of Trading View
