Dash Price Technical Analysis – DASH/USD Breaks Imp Support

Key Highlights

• Dash price after trading close to the $80 level found resistance against the US Dollar, and moved down.
• Yesterday’s highlighted ascending channel with support at $71 on the hourly chart of DASH/USD (data feed from Poloniex) was broken.
• The price fell, and managed to find support near the $65 level.

Dash price (DigitalCash) failed to move above $80, moved down, and now DASH/USD is attempting a bounce back in the short term.

Dash Price Support Break

Yesterday, we saw how Dash price moved higher above $66 against the US Dollar. It was later seen attempting a move towards the $80 level, but it failed. After trading as high as $79.06, the price faced resistance, and moved down. It first broke the 23.6% Fib retracement level of the last wave from the $44.85 low to $79.06 high. It called for sellers to gain momentum.

As a result, there was a break below a major support of $72. Most importantly, there was a break below yesterday’s highlighted ascending channel with support at $71 on the hourly chart of DASH/USD. The price traded towards $65, where it found support. Actually, the 38.2% Fib retracement level of the last wave from the $44.85 low to $79.06 high provided support. Moreover, the 100 hourly simple moving average at $66.14 acted as a barrier for sellers.

The price is now moving back higher, but we cannot discard a break below $70-72. The same area may now act as a resistance and prevent a move above $75. At the same time, the 100 hourly SMA at $66-65 holds a lot of importance in terms of support.

Looking at the indicators:

Hourly MACD – The MACD for DASH/USD is currently struggling to move back in the bullish zone.

Hourly RSI – The RSI for DASH/USD is bouncing, but still below the 50 level.

Intraday Support Level – $65

Intraday Resistance Level – $72

 

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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