Key Highlights
- Dash price moved higher, but failed to clear a couple of major resistance levels.
- It looks like buyers might be able to push the price higher, as there is a critical support trend line positioned on the downside.
- 100 hourly simple moving average is aligned with 0.0125BTC, which represents a major support area.
Dash price is showing signs of more gains, but buyers need to gain momentum before they can push prices higher.
Push Higher?
The price managed to climb higher recently to trade near 0.0144BTC where it found sellers. The stated level was coinciding with the 61.8% Fib retracement level of the last drop from 0.0157BTC to 0.0124BTC, which suggests that an upside wave is likely over. There was an upside reaction noted after the rejection, as the price moved lower and traded towards a major bullish trend line on the hourly chart. The highlighted trend line is playing a major role in protecting downsides, and it might be that there is an upside move in the near term.
On the upside, the most important resistance is around the 61.8% Fib retracement level. Any further upsides might take the price towards the last swing high of 0.0157BTC. All major indicators are in the negative territory, signaling more losses, but as long as the price is above the highlighted trend line more gains cannot be denied. Moreover, we cannot discard the importance of the 100 hourly SMA, which also holds the key for more gains moving ahead.
On the downside, a break below the bullish trend line could set the price for a test of 0.0125BTC where sellers might be tested.
Intraday Support Level – 0.0125BTC
Intraday Resistance Level – 0.0135BTC
In short, the chance of a move higher is increasing as sellers failed to break the highlighted bullish trend line.
Charts courtesy of Trading View
