Dash Price Weekly Analysis – Poised For Losses

Key Highlights

  • As mentioned in the previous week analysis the Dash price faced an important resistance area around 0.0118BTC.
  • The price failed to break the mentioned area and traded lower to move towards the last swing low of 0.0111BTC.
  • The 100 hourly simple moving average is above the current price and acting as a hurdle for buyers.

Dash price every attempt to move higher was invalidated as sellers appeared every time to defend the upside.

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100 hourly SMA Resistance

We highlighted in one of the previous week’s analyses that there is a bearish trend line on the hourly chart, which acted as a hurdle for buyers. Now, the price is below the 100 hourly simple moving average, and stalling the upside and acting as a resistance for more upsides. There is a chance that the price might head towards 0.0111BTC, as there was a major break noted recently. There was a critical support noted around 0.0115BTC, which provided support for a long time, but was breached by sellers during the last week analysis.

Dashcoin

If the price moves higher from the current levels, then the 23.6% Fib retracement level of the last drop from 0.0128BTC to 0.0111BTC might come into play. Moreover, the 100 hourly SMA is aligned with the mentioned fib level, which increases the importance of the Fib level. A break above the 100 SMA could take the price towards the next barrier, which is around the highlighted bearish trend line. Any further losses might be limited around the 50% Fib level.

On the downside, the last swing low of 0.0111BTC is a major hurdle for sellers, and a break below it could be very difficult.

Intraday Support Level – 0.0111BTC

Intraday Resistance Level – 0.0115BTC

The hourly RSI and MACD are in the negative zone, pointing more losses in the near term.

Charts courtesy of Trading View

Source

TheBitcoinNews.com – leading Bitcoin News source since 2012