- Dash price continued to surprise sellers as there was a major support area formed around 0.0110BTC.
- A bearish trend line is formed, which buyers need to clear if they have to take the price higher.
- A possible double bottom pattern is formed around 0.0110BTC, which might encourage buyers.
Dash price found support near 0.0110BTC, but buyers need to gain pace if they have to take the price higher.
There was no real action this past week in the Dash price, but there was a positive sign for bulls as a major support area was formed around 0.0110BTC. Sellers made several attempts to break the mentioned area but failed. There is a bearish trend line formed on the hourly chart, which is acting as a hurdle for buyers and stalling gains in the short term. A critical point to note is that the 100 hourly simple moving average is positioned around the same trend line and resistance area. There were increases in volumes noted around the highlighted resistance areas, which is a signal of buyers making an attempt to take the price higher.
Moreover, the 23.6% Fib retracement level of the last drop from 0.0117BTC to 0.0110BTC is also around the highlighted trend line. If there is a break above 0.0113BTC, then the price could head towards the next barrier, which is around the 50% Fib level. There is a chance of a double bottom formed around 0.0110BTC that might act as a catalyst for a break in the near term.
On the downside, the last low of 0.0110BTC is a support area and might continue to stall losses.
Intraday Support Level – 0.0110BTC
Intraday Resistance Level – 0.0113BTC
The hourly MACD is neutral and showing no signs of a break moving ahead.
Charts courtesy of BitcoinWisdom