Key Highlights
- Dash remained weak as highlighted in yesterday’s analysis, and struggling to clear a major resistance around 0.0116BTC-0.0120BTC.
- Most technical indicators are signaling more losses in the near term.
- A bearish trend line is formed, i.e. acting as a minor hurdle for buyers.
Dash price failing to trade higher is a worrying sign, which might ignite a downside reaction moving ahead.
What’s next?
There was a downside move in the Dash price recently that found support around 0.0108BTC. The price managed to correct higher, but sellers were seen aggressive around 0.0116BTC. Currently, the price is around a major pivot area, which comprises of 100 hourly simple moving average, the Middle Bollinger Band and 61.8% Fib retracement level of the last drop from 0.0120BTC to 0.0108BTC. Overall, there is a monster barrier forming around 0.0116BTC. If buyers succeed in breaking the mentioned resistance area, then there lies a chance of a move towards 0.0120BTC.
A trend line break is always significant and has the potential to ignite swing moves. The Upper Bollinger Band is sitting tight around 0.0121BTC that can be seen as the next target on the upside if the price moves higher from the current levels. The hourly RSI has moved below the 50 level, which is not a good sign for buyers. Moreover, the MACD is attempting to change the slope, but it looks a bit difficult considering the importance of 0.0116BTC resistance area.
On the downside, the Lower Bollinger Band is sitting around 0.0110BTC. A break of the stated level could take the price towards the last low of 0.0108BTC.
Intraday Support Level – 0.0110BTC
Intraday Resistance Level – 0.0116BTC
It looks sellers might attempt to take the price lower, but a break above the trend line might negate the mentioned case in the short term.
Charts courtesy of Trading View
