Dash Price Key Highlights
- Dash price traded higher and managed to clear a major bearish trend line as highlighted in yesterday’s analysis.
- However, buyers failed to hold gains, as there was a failure around 0.0119BTC.
- 0115BTC holds the key in the near term, as it acted as a support on many occasions.
Dash price is testing a major support area, which must hold if buyers want to prevent downsides.
Where is the price heading next?
We highlighted a bearish trend line on the hourly chart yesterday, and were anticipating a break Intraday. There was a break higher noted, as the price breached the bearish trend line and traded higher. It even broke the 100 hourly simple moving average. However, the upside found sellers around the 50% Fib retracement level of the last drop from 0.0128BTC to 0.0111BTC.
The price struggled to clear the mentioned fib level, and traded lower. The price even settled below the 100 SMA, but found support around the broken trend line. However, it is safe to say that 0.0115BTC support area prevented the downside move and helped buyers. We saw the mentioned support area acting as a barrier for sellers many times, and it would be interesting to see how long this can happen. If there is a break below 0.0115BTC, then the price could easily head towards the last swing low of 0.0111BTC.
On the upside, an immediate hurdle for buyers can be around the 100 hourly SMA, which would be hard to break. A move above the 100 SMA may perhaps set the tone for a test of the 50% Fib level one more time in the short term.
Intraday Support Level – 0.0115BTC
Intraday Resistance Level – 0.0118BTC
There is a divergence between the hourly RSI and MACD, providing mixed signals looking ahead.
Charts courtesy of Trading View