Dash Price Technical Analysis – DASH/USD Trend Line Support

March 23, 2017

Advertisment

Key Highlights

Dash price dipped a few points towards $89 against the US Dollar, and found support.
There is a connecting bullish trend line with support at $90 on the hourly chart of DASH/USD (data feed from Poloniex).
The trend line support at $90 is playing well, and might hold losses in the short term.

Dash price (DigitalCash) after a minor downside move found bids near $89 against the US Dollar, and now DASH/USD is attempting a push higher.

Dash Price Forecast

Yesterday, we discussed about a minor decline in Dash price towards $90 against the US Dollar. The price did move down, and traded towards the last swing low of $89 where found support. There was a kind of double bottom pattern formed near $89, which produced a bounce. The price moved above the 50% Fib retracement level of the last decline from the $117 high to $89.21 low. It also traded once above the 100 hourly simple moving average at $103.

However, the bulls failed to hold the momentum, and the price moved down below the 100 hourly SMA at $103. It was also rejected from the 61.8% Fib retracement level of the last decline from the $117 high to $89.21 low. During the upside move, the price broke a bearish trend line at $98, which is now acting as a support. Moreover, there is a connecting bullish trend line with support at $90 on the hourly chart (DASH/USD, data feed from Poloniex).

The highlighted trend line support around $90 is important. As long as the price is above it or the last low of $89, there are chances of a dip and bounce in the near term.

Looking at the indicators:

Hourly MACD – The MACD for DASH/USD is backing from the bullish zone.

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

Intraday Support Level – $89

Intraday Resistance Level – $104-105

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.

<!–

–>