- Dash continued to struggle, and it looks like it is set for more declines moving ahead.
- There is a critical support formed around 0.0120BTC, which if breached might call for a test of 0.0114BTC.
Dash failed to clear 0.0125BTC resistance area, which has increased the possibility of a break lower in the short term.
0.0120BTC Hold the Key
We have been following a major support at 0.0120BTC, which acted as a barrier on numerous times and protected the downside. However, it is vulnerable moving ahead, as there are a lot of things aligning in favor of sellers. The most important sign is that the price is below the 100 hourly simple moving average. As long as the price is below the mentioned MA, Dash could weaken in the near future.
There is also a bearish trend line formed on the hourly chart, which is aligned with the 100 SMA. Moreover, the Middle Bollinger Band may perhaps act as a pivot area. Dash prices are sitting around 0.0120BTC, meaning that Dash is at a crucial juncture and might dive to move towards 0.0114BTC.
It looks like the 61.8% Fib retracement level of the last leg from 0.0112BTC to 0.0131BTC is acting as a hurdle for sellers. If they succeed in breaking it, then the doors for a move towards the 76.4% Fib level might be cleared. The next level of interest would be around the 88.6% Fib level.
Intraday Support Level – 0.0120BTC
Intraday Resistance Level – 0.0124BTC
On the upside, a break above the highlighted bearish trend line might invalidate the current bearish view and call for more gains in the near future.
Both the hourly RSI and MACD are in the negative zone, and pointing towards more declines in Dash. Sellers may perhaps get aggressive if they manage to settle prices below 0.0120BTC.
Charts courtesy of Trading View