Dash Price Technical Analysis – Downside Reversal

Key Highlights

  • Dash price after a solid move towards the upside failed completely around an important resistance area of 0.0120BTC.
  • The price is now below the 100 hourly simple moving average, which is a bearish sign.
  • A descending channel pattern is formed on the hourly chart, which might break to open the doors for more losses.

Dash price is struggling and there is a chance that the price might break down and trade towards the last swing low of 0.0110BTC.

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Descending Channel

We highlighted time and again that there is a major resistance formed around 0.0120BTC. There were a lot of things aligned around the stated level, including the 23.6% Fib retracement level of the last drop from 0.0147BTC to 0.0111BTC. Moreover, the mentioned level also represents the previous swing area, and acted as a support and resistance on many occasions. There was a perfect failure noted around the stated level, as the price stated to move lower after a couple of attempts to trade above it.

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Now, there is a descending channel forming on the hourly chart, which is likely to act as a catalyst for the price in the near term. A break below the channel support area would be crucial and could ignite more losses. The next level of support might be around the last swing low of 0.0111BTC.

On the upside, the channel resistance area holds the key, as it is also positioned with the 100 hourly SMA. A break above the same might set the price for one more attempt towards 0.0120BTC. A break above 0.0120BTC may depend on the strength and the market sentiment in the near term.

Intraday Support Level – 0.0112BTC

Intraday Resistance Level – 0.0118TC

The hourly RSI and MACD tilted in favor of sellers, pointing more declines moving ahead.

Charts courtesy of Trading View

Source

TheBitcoinNews.com – leading Bitcoin News source since 2012