- Dash price crashed Intraday and traded lower to test 0.0107BTC where buyers appeared.
- There was a new monthly low established as sellers were in control.
- Dash price remains at risk of more downsides, as an important support area was breached.
Dash price sliding lower is a warning sign for buyers as the price action suggest more losses moving ahead.
We followed an important support area of 0.0116BTC for many days, but finally sellers managed to take the price below the mentioned level. The downside reaction was swift after the break, as the price traded towards 0.0107BTC where buyers somehow managed to protect further losses. Our followed bearish trend line on the hourly chart did the trick and ignited a rally. Moreover, the 100 hourly simple moving average also played its part in pushing the price lower. Once there was a break below 0.0116BTC, sellers got aggressive in taking the price lower.
If there is an attempt to take the price higher, then an initial hurdle can be around the 23.6% Fib retracement level of the last drop from 0.0120BTC to 0.0107BTC. Any further retracement could easily push the price towards the 50% Fib level, i.e. also sitting around the Upper Bollinger Band. However, the most important resistance might be around the broken support area of 0.0116BTC. We all know that it acted as a support on many times, and now it could stall the upside. Any further gains may be limited, as there is also the 100 hourly simple moving average.
On the downside, the recent low of 0.0107BTC is a support zone. A break below the stated level might take the price towards 0.0102BTC.
Intraday Support Level – 0.0107BTC
Intraday Resistance Level – 0.0116BTC
Most technical indicators are around the extreme levels, pointing a short-term correction.
Charts courtesy of Trading View