Key Highlights
- Dash price traded lower but found support around an important area of 0.0125BTC where buyers defended the downside successfully.
- There is a bullish trend line formed on the hourly chart, which might provide support moving ahead.
- A break above 0.0130BTC might ignite more gains in the near term.
Dash price struggle continues, which could ignite a downside thrust if buyers fail to defend an important support at 0.0125BTC.
0.0125BTC as a barrier
We highlighted time and again that there is a major support around 0.0125BTC, which acted as a hurdle for both buyers and sellers on many occasions. Currently, the price is above the same due to which sellers are finding it hard to break the mentioned level. The Lower Bollinger Band along with the 61.8% Fib retracement level of the last wave from 0.0104BTC to 0.0156BTC is aligned around the stated support area. Moreover, there is a bullish trend line forming, which is adding to the value of support.
There was an attempt to clear the highlighted support area, but sellers failed miserably. There is an upside reaction noted, and if the price settles above the Middle Bollinger Band, then There is a chance that it might head towards the Upper Bollinger Band. If buyers fail to take the price lower, then a move below 0.0125BTC could take the price towards the 100 hourly simple moving average, which is just around the 76.4% Fib level.
Overall, there is a possibility of the price trading higher in the near term, but for that buyers need to step in hard to ignite an upside rally.
Intraday Support Level – 0.0125BTC
Intraday Resistance Level – 0.0130BTC
The hourly RSI and MACD still in the bearish zones, and once there is a chance of direction more gains are possible.
Charts courtesy of Trading View
