- Dash price failed to hold the $88 support against the US Dollar, and started a downside move.
- There was a break below yesterday’s highlighted bullish trend line with support at $84 on the hourly chart of DASH/USD (data feed from Poloniex).
- The price may extend the downside move and might even trade near the $72 level.
Dash price (DigitalCash) broke down against the US Dollar below $84, and now DASH/USDT looks set for more declines in the near term.
Dash Price Resistance
There was no stopping the downside move in Dash price, as it broke the $88 support against the US Dollar. The price failed to hold the $88 and $84 support levels, and moved down. To initiate the downside, the price broke the 50% Fib retracement level of the last wave from the $75.49 low to $89.76 high. The most important move was below yesterday’s highlighted bullish trend line with support at $84 on the hourly chart of DASH/USD (data feed from Poloniex).
The price even broke the $80 handle to ignite further downsides. Then, it cleared the 76.4% Fib retracement level of the last wave from the $75.49 low to $89.76 high. It prompted a decline towards the last swing low of $75.45. Since the stated level is tested, there is a chance of a move towards $72.06. The mentioned level represents the 1.236 extension of the last wave from the $75.49 low to $89.76 high. In short, there are chances of more downsides towards $73 and $72.
On the upside, the broken $80 support might now act as a resistance. The most important hurdle is near this week’s long followed bearish trend line with current resistance at $82.
Looking at the indicators:
Hourly MACD – The MACD for DASH/USD is mostly bearish.
Hourly RSI – The RSI for DASH/USD is well below the 50 level, and moving down.
Intraday Support Level – $72
Intraday Resistance Level – $80
Charts from Poloniex; hosted by Trading View