Dash Price Technical Analysis – DASH/USD To Correct Towards $125?

Key Highlights

• Dash price climbed towards the $145 level against the US Dollar where it faced sellers, and currently correcting lower.
• The DASH/USD pair is about to break a contracting channel support at $139 on the hourly chart (data feed from Poloniex).
• A close below the $138 support and the 100 hourly simple moving average might ignite further corrections.

Dash price (DigitalCash) is in a bullish trend against the US Dollar and Bitcoin, but there is a chance of DASH/USD correcting lower towards $125.

Dash Price Supports

In the last analysis, we noticed an overall bullish trend above $124 in Dash price against the US Dollar. The price was able to gain momentum and moved above the $140 resistance. The upside move was such that the price was able to test the $145 resistance area where it faced sellers. Buyers made two attempts to break $145, but they failed to gain momentum. As a result, there was a correction wave initiated from the $145.06 swing high.

At the moment, the DASH/USD pair is about to break a contracting channel support at $139 on the hourly chart. The contracting triangle support also coincides with the 23.6% Fib retracement level of the last wave from the $110 low to $145 high. It also overlaps with the $138 support and the 100 hourly simple moving average. So, we can say that the price is testing a crucial support at $140-138.

Looking at the current price action, there is a high chance of a break below $138. In that case, the price might head towards the 50% Fib retracement level of the last wave from the $110 low to $145 high at $127. The overall trend is still bullish, but a short-term correction towards $125 is possible.

Looking at the indicators:

Hourly MACD – The MACD for DASH/USD is almost flat.

Hourly RSI – The RSI for DASH/USD has moved below the 50 level.

Intraday Support Level – $138

Intraday Resistance Level – $145

 

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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