Dash Price Key Highlights
- Dash price moved lower Intraday, and managed to test a major support area around 0.0125BTC.
- If there is a break and close below 0.0125BTC the price might fall in the near term.
- 100 simple moving average on the 4-hours chart is likely to act as a resistance.
Dash price is showing signs of weakness, which might take it lower moving ahead if sellers gain pace.
Can it trade lower?
The Dash price moved a bit lower yesterday, and tested an important support area of 0.0125BTC which holds the key in the near term as highlighted in one of the recent analyses. There lies a major hurdle for sellers around the stated level, as they have failed on many times to break it and as a result there was an upside reaction. However, currently it looks like there is a solid bearish pressure building, and if the price manages to clear 0.0125BTC more losses are possible. However, we need a convincing close below it so that sellers can step in to form a bear wave.
The next level of support in case there is a break could be around 0.0120BTC. On the upside, there is a bearish trend line formed on the 4-hours chart, as highlighted yesterday. An initial resistance on the high side is around the 100 SMA, which is around the Upper Bollinger Band and 23.6% Fib retracement level of the last drop from 0.0157BTC to 0.0.127BTC. The most important swing resistance area is building around the 50% Fib retracement level.
On the downside, a break below 0.0125BTC is needed for a move towards 0.0120BTC.
Intraday Support Level – 0.0125BTC
Intraday Resistance Level – 0.0135BTC
In short, we should wait for a break on either side before stepping into a trade as there can be nasty moves ahead.
Charts courtesy of Trading View