Dash Price Technical Analysis – DASH/USD Downside Break

Key Highlights

• Dash price failed to hold the $88 support against the US Dollar, and started a downside move.
• There was a break below yesterday’s highlighted bullish trend line with support at $84 on the hourly chart of DASH/USD (data feed from Poloniex).
• The price may extend the downside move and might even trade near the $72 level.

Dash price (DigitalCash) broke down against the US Dollar below $84, and now DASH/USDT looks set for more declines in the near term.

Dash Price Resistance

There was no stopping the downside move in Dash price, as it broke the $88 support against the US Dollar. The price failed to hold the $88 and $84 support levels, and moved down. To initiate the downside, the price broke the 50% Fib retracement level of the last wave from the $75.49 low to $89.76 high. The most important move was below yesterday’s highlighted bullish trend line with support at $84 on the hourly chart of DASH/USD (data feed from Poloniex).

The price even broke the $80 handle to ignite further downsides. Then, it cleared the 76.4% Fib retracement level of the last wave from the $75.49 low to $89.76 high. It prompted a decline towards the last swing low of $75.45. Since the stated level is tested, there is a chance of a move towards $72.06. The mentioned level represents the 1.236 extension of the last wave from the $75.49 low to $89.76 high. In short, there are chances of more downsides towards $73 and $72.

On the upside, the broken $80 support might now act as a resistance. The most important hurdle is near this week’s long followed bearish trend line with current resistance at $82.

Looking at the indicators:

Hourly MACD – The MACD for DASH/USD is mostly bearish.

Hourly RSI – The RSI for DASH/USD is well below the 50 level, and moving down.

Intraday Support Level – $72

Intraday Resistance Level – $80

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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