Dash Price Technical Analysis – Can DASH/USD Hold This?

June 8, 2017

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Key Highlights

Dash price recently traded lower towards the $130 support area against the Japanese Yen.
The DASH/USD pair is currently trading near a major bullish trend line with support at $132 on the hourly chart (data feed from Poloniex).
The pair may soon bounce towards $145 where it could face sellers in the near term.

Dash price (DigitalCash) declined recently against the US Dollar and Bitcoin, but DASH/USD is currently holding a major support area.

Dash Price Trend Line Support

In the last analysis, we noticed the chance of Dash price declining below $138 against the US Dollar. The price did break the mentioned level and traded below $135 as well. It almost tested the 50% Fib retracement level of the last wave from the $111 low to $146 high. The worst part was a close below the 100 hourly simple moving average at $143, which is a short-term bearish sign.

At the moment, the DASH/USD pair is trading near a major bullish trend line with support at $132 on the hourly chart. The highlighted trend line support holds a lot of importance since it holds the current trend above $130. The price is attempting a recovery, and may trade towards the 38.2% fib retracement level of the last decline from the $152 high to $132 low. However, the upside move is likely to face sellers near $140. The same level also coincides with the 100 hourly simple moving average at $142.

Furthermore, the 50% fib retracement level of the last decline from the $152 high to $132 low at $142.50 may act as a resistance. On the downside, a break below the trend line support at $132 could ignite more declines in the near term.

Looking at the indicators:

Hourly MACD – The MACD for DASH/USD has moved in the bearish zone.

Hourly RSI – The RSI for DASH/USD is now in the oversold area.

Intraday Support Level – $132

Intraday Resistance Level – $142

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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