- Dash price managed to gain bids, and currently testing an important resistance area around 0.0118BTC.
- There is a critical bearish trend line formed on the hourly chart, as highlighted yesterday and acting as a barrier for buyers.
- The price is attempting to close above the 100 hourly simple moving average, which is a positive sign.
Dash price is facing a major hurdle around 0.0118BTC, which if broken might open the doors for more gains.
Trend Line Resistance
We highlighted yesterday a bearish trend line on the hourly chart, which acted as a resistance for buyers. Moreover, the price was below the 100 hourly simple moving average, but buyers were able to push the price above it. Currently, the price is around the 38.2% Fib retracement level of the last drop from 0.0128BTC to 0.0111BTC. So, if the price breaks above the mentioned Fib level and clears the highlighted trend line and resistance area, then a move towards the next selling area at the 50% Fib level is possible.
Any further gains might be limited as the 50% Fib level is positioned around an important pivot area of 0.0120BTC. So, there is a possibility that sellers might appear to defend gains around the stated area. Let us see how the price trades in the short term, and whether it can manage to clear the trend line or not.
On the downside, as mentioned time and again there is a major support at 0.0115BTC. If sellers need to take the price lower, then they have to clear the stated level. A break below it take the price towards the last swing low of 0.0111BTC.
Intraday Support Level – 0.0115BTC
Intraday Resistance Level – 0.0118BTC
The hourly RSI and MACD are showing positive signs, which might take the price higher moving ahead.
Charts courtesy of Trading View