Key Highlights
- Dash price failed once again near the $108 resistance against the US Dollar and moved down.
- There is a descending channel pattern with resistance near $95 formed on the hourly chart of DASH/USD (data feed from Poloniex).
- On the downside, a break below $90 might ignite further weakness towards the $85 level.
Dash price (DigitalCash) is once again following a declining path against the US Dollar, and DASH/USD might now look to break the $90 support.
Dash Price Resistance
It looks like Dash price is following a lower low pattern against the US Dollar. The price failed on a couple of occasions near $108, which is proving to be a major resistance. The recent decline was also due to a failure near $107-108. The decline was such that the price moved below the 100 hourly simple moving average at $98. It is a bearish sign, as the price already moved towards $90. At the moment, the price is just holding $90, but remains at a risk of more declines.
The price is currently following a declining path below $95. It is clearly visible, as there is a descending channel pattern with resistance near $95 formed on the hourly chart of DASH/USD (data feed from Poloniex). On the upside, an initial resistance is around the 23.6% Fib retracement level of the last decline from the $107.2 high to $90.15 low. The stated level also coincides with the channel resistance trend line at $94. Above it, the 100 hourly simple moving average at $98 might act as a strong resistance.
Finally, there is a resistance trend line at $105 on the same chart. So, we can say there are many resistances starting $95.
Looking at the indicators:
Hourly MACD – The MACD for DASH/USD is not moving much, but slightly bearish.
Hourly RSI – The RSI for DASH/USD is currently below the 50 level.
Intraday Support Level – $90
Intraday Resistance Level – $98
Charts from Poloniex; hosted by Trading View
