Dash Price at Continued Risk of Weakness

Key Highlights

  • 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.

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Break Lower?

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.

Read more ... source: TheBitcoinNews