Dash Price Defies Gravity, Looks to Trade Higher

Dash Price Key Highlights

  • Dash price after the monstrous decline started a consolidation phase and trading in a range.
  • A bearish trend line is formed, which if broken might call for an upside move in the near term.
  • The chance of a move higher is increasing as sellers look exhausted.

Dash price might spike higher once the consolidation period is over, but buyers need to get aggressive for the same.

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Break Higher?

As highlighted in one of the recent posts, there was a major decline in the Dash price. However, the downside was stalled around 0.0111BTC after which the price started to trade in a range. There is a bearish trend line formed on the hourly chart, which is positioned with the 100 hourly simple moving average. In short, there is a monster barrier forming for buyers in the form of trend line and 100 SMA confluence area. Moreover, the 38.2% Fib retracement level of the last drop from 0.0128BTC to 0.0111BTC is also aligned with the 100 SMA.

Dashcoin

If buyers manage to clear the 100 SMA, and the price settles above it more gains cannot be discarded. The next level for selling interest can be seen around the 50% Fib level. Any further gains might be limited, as there is a monster resistance around 0.0120BTC. The mentioned level was a support earlier, and now might act as a hurdle for buyers in the short term.

On the downside, there is a range support forming around 0.0115BTC. A break below it could ignite a move towards the last swing low of 0.0111BTC.  Let’s see which way the price moves, as the chance of a move higher is more.

Intraday Support Level – 0.0114BTC

Intraday Resistance Level – 0.0118BTC

The hourly RSI and MACD are not in the positive territory, which can be a worrying sign for buyers.

Charts courtesy of Trading View

Source

TheBitcoinNews.com – leading Bitcoin News source since 2012