Dash Price Technical Analysis – DASH/USD Lacks Momentum

May 18, 2017

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Key Highlights

Dash price declined once again below the $84 support against the US Dollar to trade towards $80.
There are two important bearish trend lines with resistance near $88-90 formed on the hourly chart of DASH/USD (data feed from Poloniex).
The price is also below the 100 hourly simple moving average at $89, suggesting a bearish bias.

Dash price (DigitalCash) failed once again to trade higher against the US Dollar and Bitcoin, and it looks like DASH/USD lacks bullish momentum.

Dash Price Resistance

There was a decent rise in Dash price earlier this week towards $94 against the US Dollar, but later it was suppressed. The price failed to gain momentum and started a downside move below $90. The move was such that the price even broke the $85 support area. A new intraday low was formed just below $80 at $79.87 where buyers appeared. A recovery has started, and the price has moved above the 23.6% Fib retracement level of the last decline from the $94 high to $80 low.

At the moment, the price is approaching a crucial resistance around $90. There are two important bearish trend lines with resistance near $88-90 formed on the hourly chart of DASH/USD. These trend lines coincide with the 100 hourly simple moving average at $89. Moreover, the 61.8% % Fib retracement level of the last decline from the $94 high to $80 low is also around $90.

So, it won’t be easy for buyers to break $90 for further gains as long as there is no momentum. Only a H4 close above $90 may call for more gains, else the price may continue to struggle.

Looking at the indicators:

Hourly MACD – The MACD for DASH/USD is almost flat with no momentum.

Hourly RSI – The RSI for DASH/USD is just above the 50 level, and heading higher.

Intraday Support Level – $84

Intraday Resistance Level – $90

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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