- Dash price continued to find resistance and failed to clear a bearish trend line on the hourly chart.
- There is a monster hurdle forming around 0.0113BTC which must be cleared for more upsides.
- Buyers failed time and again to clear the 100 hourly simple moving average.
Dash price struggling to gain pace and failed to settle above 100 SMA, suggesting that buyers need momentum for more gains.
Yesterday, buyers made another attempt to take the price above a major bearish trend line on the hourly chart and the 100 SMA. However, they failed to gain strength, and as a result, there was no convincing move higher. The most critical point is that the trend line and 100 SMA confluence area is a significant resistance. So, buyers need momentum to take the price above 0.0113BTC. A break and successful close above the 100 SMA could ignite an upside wave in the near term.
If buyers manage to take the price higher, then the next hurdle may be around 0.0120BTC, i.e. positioned with the 23.6% Fib retracement level of the last drop from 0.0147BTC to 0.0110BTC. There is a negative sign emerging on the hourly RSI, as a divergence is created. It means there is a chance of a new low below 0.0110BTC before we might witness an upside reaction. However, the stated level holds a lot of importance as sellers faced a tough to clear it.
A break below the last swing low of 0.0110BTC could be a bearish call and might take the price further lower. It would be interesting to see how the price trades in that situation.
Intraday Support Level – 0.0110BTC
Intraday Resistance Level – 0.0113TC
There is no positive signal on the hourly MACD, which is a concern for buyers in the short term.
Charts courtesy of Trading View