Dash Price Technical Analysis – DASH/USD Remains In Downtrend

Key Highlights

• Dash price started a downside move after trading as high as $78 against the US Dollar.
• There is a bearish trend line with resistance at $66 formed on the hourly chart of DASH/USD (data feed from Poloniex).
• On the downside, a break below $60 may call for more losses in the near term.

Dash price (DigitalCash) is in a declining streak against the US Dollar, but the $60 support now holds key for DASH/USD moving ahead.

Dash Price Resistance

Recently, there was a rise above the $70 level in Dash price against the US Dollar. A new high was formed just below $80 at $79 before the price faced resistance and moved down. During the downside move, the price broke the 38.2% Fib retracement level of the last wave from the $44.90 low to $79.05 high. It ignited a downside move and the price traded below the $65 level. The most important break was below the 100 hourly simple moving average at $67.00.

However, the price later found support near the 50% Fib retracement level of the last wave from the $44.90 low to $79.05 high. At the moment, the price is holding the $60 support area and trading in a tight range. It may attempt to move higher towards $68, but likely to face sellers. An initial hurdle is near a bearish trend line with resistance at $66 formed on the hourly chart of DASH/USD.

The same trend line resistance also coincides with the 23.6% Fib retracement level of the last decline from the $79.05 high to the recent low of $60.65. So, it won’t be easy for sellers to break $67-68 for more gains in the near term.

Looking at the indicators:

Hourly MACD – The MACD for DASH/USD is currently flat with a minor bearish bias.

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

Intraday Support Level – $60

Intraday Resistance Level – $68

 

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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