- Dash price moved back lower once again and looks set for a retest of the last low of 0.0111BTC.
- There is a flag pattern formed on the hourly chart, which might cause a break in the near term.
- The price is below the 100 hourly moving average, signaling more losses ahead.
Dash price after spiking higher found resistance around 0.0121BTC and traded lower one more time.
Retest of lows?
We highlighted in yesterday’s post that the Dash price moved above the 100 hourly simple moving average, but the move was not convincing. As a result, there was a downside reaction noted, which was also due sellers appearing around 0.0121BTC and defending the upside. The price has now settled below the 100 hourly SMA, which is a negative sign and might encourage sellers to take the price further lower.
If the price corrects higher from the current levels, then an initial hurdle can be seen around the 23.6% Fib retracement level of the last drop from 0.0121BTC to 0.0114BTC. Currently, there is a flag pattern formed on the hourly chart, which is