Dash Price Technical Analysis – DASH/USD Decline Underway

Key Highlights

• Dash price failed once again near the $108 resistance against the US Dollar and moved down.
• There is a descending channel pattern with resistance near $95 formed on the hourly chart of DASH/USD (data feed from Poloniex).
• On the downside, a break below $90 might ignite further weakness towards the $85 level.

Dash price (DigitalCash) is once again following a declining path against the US Dollar, and DASH/USD might now look to break the $90 support.

Dash Price Resistance

It looks like Dash price is following a lower low pattern against the US Dollar. The price failed on a couple of occasions near $108, which is proving to be a major resistance. The recent decline was also due to a failure near $107-108. The decline was such that the price moved below the 100 hourly simple moving average at $98. It is a bearish sign, as the price already moved towards $90. At the moment, the price is just holding $90, but remains at a risk of more declines.

The price is currently following a declining path below $95. It is clearly visible, as there is a descending channel pattern with resistance near $95 formed on the hourly chart of DASH/USD (data feed from Poloniex). On the upside, an initial resistance is around the 23.6% Fib retracement level of the last decline from the $107.2 high to $90.15 low. The stated level also coincides with the channel resistance trend line at $94. Above it, the 100 hourly simple moving average at $98 might act as a strong resistance.

Finally, there is a resistance trend line at $105 on the same chart. So, we can say there are many resistances starting $95.

Looking at the indicators:

Hourly MACD – The MACD for DASH/USD is not moving much, but slightly bearish.

Hourly RSI – The RSI for DASH/USD is currently below the 50 level.

Intraday Support Level – $90

Intraday Resistance Level – $98

Charts from Poloniex; hosted by Trading View

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

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