Key Highlights
- Dash price is slowly moving lower, but sellers are struggling to clear a major support area at 0.0125BTC.
- If buyers fail to defend 0.0125BTC the price could head towards the next support area at 0.0120BTC.
- 100 hourly simple moving average is acting as a resistance and might push the price lower in the near term.
Dash price struggle to move higher continues, which might result in a break down moving ahead.
Channel as Catalyst
The Dash continued to move lower Intraday, as there was a minor downside reaction noted as highlighted in yesterday’s analysis. There is now a descending channel formed on the hourly chart, which is acting as a catalyst for the price action. The most concerning aspect for buyers is the fact that the 100 hourly simple moving average is positioned with the channel resistance trend line, suggesting that there is a monster hurdle forming around 0.0128BTC. There is already one rejection noted around the mentioned resistance area, and if buyers make one more attempt, it would be interesting to see whether they succeed or not.
A break above the channel resistance might release the bearish pressure and could increase pressure on sellers in the near term. On the downside, an initial support lies around the Middle Bollinger Band, which is aligned with the 0.0125BTC support area. Any more declines might see buyers around 0.0124BTC, which is the last low and a major support area. A break below the channel lower trend line could favor sellers and take the price further lower may be towards 0.0120BTC.
There is a positive sign emerging on the hourly RSI, as it moved above the 50 level.
Intraday Support Level – 0.0125BTC
Intraday Resistance Level – 0.0135BTC
Overall, we can consider buying as long as the price is above 0.0124BTC.
Charts courtesy of Trading View
