Dash Price Technical Analysis – DASH/USD Holding Downtrend Resistance

Key Highlights

• Dash price corrected a few points higher towards $90 against the US Dollar, but found resistance.
• Yesterday’s highlighted resistance trend line at $90 on the hourly chart of DASH/USD (data feed from Poloniex) is holding gains at the moment.
• The price might move down once again as long as the $90 resistance is intact.

Dash price (DigitalCash) remains under pressure against the US Dollar, as the DASH/USD pair failed to break a major resistance near $90.

Dash Price Downside Move

There was a minor recovery initiated in Dash price towards the $88 and $90 levels against the US Dollar. However, the price failed to break the $90 level, as it is a major hurdle. I mentioned in yesterday’s post that the price faces a major hurdle near $90, and it won’t be easy for buyers to break. The price did attempt a recovery, but failed near $88 and $90. There was also a failure near the 38.2% Fib retracement level of the last decline from the $107.2 high to $75.45 low.

However, the most important hurdle was near yesterday’s highlighted resistance trend line at $90 on the hourly chart of DASH/USD (data feed from Poloniex). The 100 hourly simple moving average is also positioned at $90, which is adding to the bearish bias. The price is once again moving lower, and there are chances of it retesting $80. If the current trend remains intact, the price might even trade near $75.

On the upside, the trend line resistance is now at $87 along with the 100 hourly SMA at $89. Sellers should keep an eye on the highlighted resistance near $87 if looking to sell.

Looking at the indicators:

Hourly MACD – The MACD for DASH/USD is now back in the bearish zone.

Hourly RSI – The RSI for DASH/USD is moving down, and remains below the 50 level.

Intraday Support Level – $80

Intraday Resistance Level – $87

 

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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