Dash Price Technical Analysis – DASH/USD Extends Decline

March 28, 2017

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Key Highlights

Dash price moved further lower and broke the $90 support against the US Dollar.
Yesterday’s highlighted descending channel pattern with support at $90 on the hourly chart of DASH/USD (data feed from Poloniex) was broken.
The broken support at $90 might now act as a resistance if the price moves higher.

Dash price (DigitalCash) is under bearish pressure against the US Dollar, and it looks like DASH/USD might now extend declines towards $70.

Dash Price Bearish

It was a bad day for Dash price, as it moved down further below the $90 level against the US Dollar. The lower low pattern mentioned yesterday played well, and as a result, there was a move below $88. The price broke the last swing low to ignite more downside. There was even a break below the $80 level, and a new low was formed at $75.45 for the current week. The price is clearly under pressure, and current correction above $80 could face sellers in the near term.

The most important break was below yesterday’s highlighted descending channel pattern with support at $90 on the hourly chart of DASH/USD (data feed from Poloniex). It prompted a decline towards $80. Later, sellers gained momentum, and pushed the price below $80 for a move towards $75. The price is currently correcting from the $75 low. It already moved above the 23.6% Fib retracement level of the last decline from the $107.2 high to $75.45 low.

However, there is no proper close above $85, as the price is struggling to clear the broken channel support. It is now acting as a resistance and preventing gains above $88. Overall, the price might struggle to move above $90, and might move down again.

Looking at the indicators:

Hourly MACD – The MACD for DASH/USD is slightly in the bullish zone, but struggling.

Hourly RSI – The RSI for DASH/USD is well below the 50 level.

Intraday Support Level – $80

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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