Key Highlights
- Dash price jumped higher before ending the past week, but it looks like it was a false break.
- The price was completely rejected around 0.0120BTC, which is a warning sign in the short term.
- 0116BTC is again a minor resistance area for more upsides.
Dash price completely failing to trade higher is a worrying sign, as sellers look like controlling the current situation.
More declines?
The price moved higher recently, and even managed to clear a couple of important hurdles on the way up like a bearish trend line on the hourly chart and 0.0116BTC. However, it turned out to be a false break, as there was a major rejection noted around 0.0120BTC. The price moved back below the broken trend line, and also cleared a bullish trend line formed around the same area. The most important point is the fact that the price settled below 0.0116BTC, which may once again act as a resistance moving ahead.
Furthermore, the 100 hourly simple moving average is sitting around 0.0116BTC to create pressure on buyers. In short, there is a monster hurdle forming around the mentioned area where buyers might struggle if the price pushes higher from the current levels. If at all there is a bullish reaction, then the broken trend line might also come into play and stall the upside. The hourly RSI has just moved below the 50 level, which is an initial warning sign for buyers.
On the downside, the Lower Bollinger Band could provide support in the near term. Any further declines might call for a retest of the last swing low of 0.0108BTC.
Intraday Support Level – 0.0110BTC
Intraday Resistance Level – 0.0116BTC
Let us see how sellers react moving ahead, and whether they can take the price further lower in the near term.
Charts courtesy of Trading View
