- Dash price struggled to break the $190-200 resistance area once again versus the US Dollar, and moved down.
- There is a crucial support area at $150 and a major bullish trend line with support at $155 on the hourly chart of DASH/USD (data feed from Poloniex).
- As long as the pair is above the $150 support, it may recover and move towards $170.
Dash price (DigitalCash) faced sellers once again against the US Dollar and Bitcoin. DASH/USD moved down sharply and just managed to hold the $150 support.
Dash Price Major Support Zone
In the last analysis, I highlighted two things for Dash price against the US Dollar. First, a major failure to break the $200 resistance, and the second was a crucial support area near $155-150. The price traded higher towards $190-195, but failed to break the stated levels. It seems like the $190-200 resistance zone is turning out to be a significant barrier for buyers.
The price moved down sharply, and traded below the $170 support and the 100 hourly simple moving average. The downside move was striking, but the price just managed to remain above the $150 support. There is a clear important support area at $150 and a major bullish trend line with support at $155 forming on the hourly chart of DASH/USD. The price is just holding the $150 support and recovering.
On the upside, the 100 hourly simple moving average is waiting near $172 to act as a resistance. Moreover, the 50% Fib retracement level of the last decline from the $195 high to $140 low at $171 is also a major hurdle. Overall, the price may recover, but likely to face sellers near $170-175.
Looking at the indicators:
Hourly MACD – The MACD for DASH/USD is attempting to move back in the bullish zone.
Hourly RSI – The RSI for DASH/USD is recovering from the oversold readings.
Intraday Support Level – $150
Intraday Resistance Level – $170
Charts from Poloniex; hosted by Trading View