- Dash price continued to find support around 0.0116BTC where sellers struggled time and again.
- There is an RSI divergence formed on the hourly chart, which is signaling more gains in the near term.
- A break above 100 MA may push the price higher moving ahead.
Dash price nonstop consolidation might be setting up for a nasty move having the potential to test 0.0124BTC.
We have been following a bearish trend line on the hourly chart, which continues to stall gains and pushed the price back lower. There is a monster support building around 0.0116BTC that can be considered as a barrier for sellers. Currently, the price is below the 100 hourly simple moving average, but if buyers manage to take it above the 100 MA, then more gains cannot be discarded.
However, the most important point is that there is a bullish divergence noted on the RSI. There was a bearish trend line on the RSI, which was breached recently and creating a divergence. This increases the chance of a break higher in the near term. So, if the price heads higher, then an initial hurdle can be seen around the Upper Bollinger Band, followed by the 61.8% Fib retracement level of the last drop from 0.0125BTC to 0.0116BTC. The most critical resistance for buyers is around the highlighted bearish trend line, i.e. sitting around 0.0122BTC. A break above the trend line might be difficult, as it might require momentum.
On the downside, the last swing low of 0.0116BTC is a barrier, as mentioned earlier. A break below 0.0116BTC could open the doors for a move towards 0.0112BTC.
Intraday Support Level – 0.0116BTC
Intraday Resistance Level – 0.0120BTC
In short, there are chances that the price could break higher and trade close to 0.0122BTC.
Charts courtesy of Trading View