Dash Price Technical Analysis – Monstrous Decline

Dash Price Key Highlights

  • Dash price after completing our highlighted sell pattern moved lower and dived sharply to trade below 0.0120BTC.
  • The recent slide is very surprising, as the price settled below a major support area.
  • More losses are possible moving ahead, but a short-term correction is possible.

Dash price was crushed and traded towards 0.0114 to register a monstrous decline this past week.

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Dash Price Crucial Decline

There was a major downside reaction noted, and we were anticipating a move lower. There were a few important bearish signals noted this past week, which helped us to understand that the Dash price might break lower. The most important one that there was a triple top pattern formed around the 0.0130BTC. Moreover, a 5-waves pattern was also formed, which helped sellers to gain control and ignited downside reaction. The price fell sharply, and it is now well below the 100 simple moving average.

Dashcoin

One important point to note that the price cleared a critical support area of 0.0120BTC. Now if the price attempts to correct higher, then the broken support area could act as a resistance. Moreover, the 38.2% Fib retracement level of the last drop from 0.0128BTC to 0.0114BTC might be seen as an immediate hurdle for buyers. The Upper Bollinger Band is also aligned around the mentioned Fib level. So, we can safely say that there is a lot of barriers forming on the upside, and buyers might struggle moving ahead. Let us see how the price moves in the near term.

On the downside, the last swing low of 0.0114BTC is a short-term support area, and any further losses might be difficult considering the recent slide in the Dash price.

Intraday Support Level – 0.0114BTC

Intraday Resistance Level – 0.0120BTC

Overall, buyers might face a tough time moving ahead, and we may witness a consolidation phase.

Charts courtesy of Trading View

Source

TheBitcoinNews.com – leading Bitcoin News source since 2012