- Dash price is struggling to gain pace after it managed to clear a major bearish trend line as highlighted previously.
- There is an important support area at 0.0115BTC, which must hold in the near term to avoid losses.
- The hourly RSI is below the 50 level, signaling the price could move lower.
Dash price attempted to clear 0.0115BTC many times and failed, but buyers also struggled to take the price higher.
We highlighted yesterday that the Dash price is struggling to gain pace and failed on many occasions to trade higher. The price moved lower once again, but found support just around the most important area of 0.0115BTC. We need to see how the price moves in the near term, as there is a short-term bearish trend line formed on the hourly chart i.e. acting as a resistance. A break above it could take the price towards the 100 hourly simple moving average. The next barrier can be seen around the 38.2% Fib retracement level of the last drop from 0.0128BTC to 0.0111BTC.
However, the most important hurdle is around the 50% Fib level, as there is another bearish trend line positioned around the stated level. In short, buyers have to gain a lot of control if they want to take the price higher. They have to clear 0.0120BTC to call for a chance of the trend.
On the downside, there is a major support at 0.0115BTC, as highlighted in yesterday’s analysis. A break below it could ignite a downside reaction, which might take the price towards the last swing low of 0.0111BTC.
Intraday Support Level – 0.0115BTC
Intraday Resistance Level – 0.0118BTC
There is no hope for buyers as of writing, as the hourly RSI and MACD are in the negative zone highlighting weakness.
Charts courtesy of Trading View