Key Highlights
- Dash price fell sharply and traded below the $60 support against the US Dollar.
- There are a couple of bearish trend lines with resistance at $68 and $70 formed on the hourly chart of DASH/USD (data feed from Poloniex).
- The price may correct higher, but likely to face sellers near the $68 and $70 levels.
Dash price (DigitalCash) weakened a lot and traded towards $50 against the US Dollar, and DASH/USD may now continue to face sellers.
Dash Price Downside Move
There was a sharp downside move in Dash price, as it cleared the $60 support against the US Dollar. The price traded lower and tested the $50 support area where it found buyers. A new weekly and monthly low of $44.65 was formed. The price started a recovery from the $50 support area, and currently attempting to move above $60. There was a solid increase in selling pressure, which ignited a downside move of more than 15%.
We need to see how the price trades and whether it can retake the $60 level or not. It is already trading above the 23.6% Fib retracement level of the last decline from the $90 high to $44.65 low. So, there are chances of further recovery. On the upside, a major hurdle is near a couple of bearish trend lines with resistance at $68 and $70 formed on the hourly chart of DASH/USD (data feed from Poloniex). Moreover, the same levels coincide with the 50% Fib retracement level of the last decline from the $90 high to $44.65 low.
So, if the price recovers further, it could face sellers near $68 and $70 levels. However, I think a close above $60 might also be difficult.
Looking at the indicators:
Hourly MACD – The MACD for DASH/USD is placed well in the bearish zone.
Hourly RSI – The RSI for DASH/USD is bouncing from the oversold levels.
Intraday Support Level – $50
Intraday Resistance Level – $60
Charts from Poloniex; hosted by Trading View
