Dash Price Technical Analysis – DASH/USD Short-term Top Formed?

Key Highlights

• Dash price struggled to break the $80 level against the US Dollar, and now moving lower.
• A bullish trend line with support at $77 on the hourly chart of DASH/USD (data feed from Poloniex) was broken recently.
• The price also cleared the 100 hourly simple moving average at $77, which is a negative sign.

Dash price (DigitalCash) failed to break the $80 level against the US Dollar, and now DASH/USD is showing signs of a short-term top.

Dash Price Trend Line Break

In the last analysis, we saw how there was a rise in Dash price towards the $80 level against the US Dollar. Later, the price faced sellers and started a minor downside move. It looks like it failed to break the $80 level, and may move down further. It has already cleared the 23.6% Fib retracement level of the last wave from the $60.50 low to $80.65 high. It is the first sign of weakness, as the price starts a downside move below $78.

The second bearish sign is a close below the 100 hourly simple moving average at $77. Third, there is a break below a bullish trend line with support at $77 on the hourly chart of DASH/USD. These signs suggest that the price may move down further towards $70. An initial support on the downside is around the 38.2% Fib retracement level of the last wave from the $60.50 low to $80.65 high at $72.91.

However, I think the most important support is near $70.50, which is a pivot area. If you are looking to buy, then wait for a move towards $70 or a close back above the $78 level.

Looking at the indicators:

Hourly MACD – The MACD for DASH/USD is now moving into the bearish zone.

Hourly RSI – The RSI for DASH/USD is heading towards the 30 level, and bearish.

Intraday Support Level – $70

Intraday Resistance Level – $78

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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