- Dash price jumped higher and cleared a significant bearish trend line, which we followed for the past couple of days.
- Price once again stopped around 0.0120BTC which is a worrying sign for buyers in the near term.
- Hourly RSI is around overbought readings suggesting a minor correction moving ahead.
Dash price finally traded higher after a minor struggle to break a critical resistance around 0.0112BTC.
There was a nice price action noticed intraday, which helped buyers to gain ground. As a result, there was a break noted, i.e. a bearish trend line on the hourly chart was breached recently. It cleared the way for more gains and the price blasted towards 0.0120BTC. It also represents a major hurdle in the near term, as we highlighted it as a pivot area time and again. It acted as a support on many occasions and resistance too. There was a failure noted around the same area recently, which resulted in a down-move.
However, we cannot deny the fact that there was a breach of 0.0116BTC, which also represents a major hurdle. So, moving ahead there might be a case in which we witness it acting as a support. Moreover, the 100 hourly simple moving average is also sitting just below the mentioned area, pointing towards the importance of the highlighted support area. Moreover, the 50% Fib retracement level of the last leg from the 0.0105BTC to 0.0121BTC is positioned around 0.0115BTC, suggesting that there are many support levels building on the downside for buyers.
On the upside, the initial hurdle is around the recent high and pivot area of 0.0120BTC. A break above the stated level might be tough, but if there is a break, more gains are likely.
Intraday Support Level – 0.0115BTC
Intraday Resistance Level – 0.0121BTC
Overall, one might consider buying dips in the near term.
Charts courtesy of Trading View