Key Highlights
- Dash price struggled to break the $190-200 resistance area once again versus the US Dollar, and moved down.
- There is a crucial support area at $150 and a major bullish trend line with support at $155 on the hourly chart of DASH/USD (data feed from Poloniex).
- As long as the pair is above the $150 support, it may recover and move towards $170.
Dash price (DigitalCash) faced sellers once again against the US Dollar and Bitcoin. DASH/USD moved down sharply and just managed to hold the $150 support.
Dash Price Major Support Zone
In the last analysis, I highlighted two things for Dash price against the US Dollar. First, a major failure to break the $200 resistance, and the second was a crucial support area near $155-150. The price traded higher towards $190-195, but failed to break the stated levels. It seems like the $190-200 resistance zone is turning out to be a significant barrier for buyers.
The price moved down sharply, and traded below the $170 support and the 100 hourly simple moving average. The downside move was striking, but the price just managed to remain above the $150 support. There is a clear important support area at $150 and a major bullish trend line with support at $155 forming on the hourly chart of DASH/USD. The price is just holding the $150 support and recovering.
On the upside, the 100 hourly simple moving average is waiting near $172 to act as a resistance. Moreover, the 50% Fib retracement level of the last decline from the $195 high to $140 low at $171 is also a major hurdle. Overall, the price may recover, but likely to face sellers near $170-175.
Looking at the indicators:
Hourly MACD – The MACD for DASH/USD is attempting to move back in the bullish zone.
Hourly RSI – The RSI for DASH/USD is recovering from the oversold readings.
Intraday Support Level – $150
Intraday Resistance Level – $170
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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