Dash Price Technical Analysis – Downside Reversal

Aayush Jindal

Last Updated: June 11, 2024 1:23 pm

2 mins read

Dash Price Technical Analysis – Bullish Reversal

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Dash Price Key Highlights

Dash price after a solid move towards the upside failed completely around an important resistance area of 0.0120BTC.
The price is now below the 100 hourly simple moving average, which is a bearish sign.
A descending channel pattern is formed on the hourly chart, which might break to open the doors for more losses.

Dash price is struggling and there is a chance that the price might break down and trade towards the last swing low of 0.0110BTC.

Descending Channel

We highlighted time and again that there is a major resistance formed around 0.0120BTC. There were a lot of things aligned around the stated level, including the 23.6% Fib retracement level of the last drop from 0.0147BTC to 0.0111BTC. Moreover, the mentioned level also represents the previous swing area, and acted as a support and resistance on many occasions. There was a perfect failure noted around the stated level, as the price stated to move lower after a couple of attempts to trade above it.

Now, there is a descending channel forming on the hourly chart, which is likely to act as a catalyst for the price in the near term. A break below the channel support area would be crucial and could ignite more losses. The next level of support might be around the last swing low of 0.0111BTC.

On the upside, the channel resistance area holds the key, as it is also positioned with the 100 hourly SMA. A break above the same might set the price for one more attempt towards 0.0120BTC. A break above 0.0120BTC may depend on the strength and the market sentiment in the near term.

Intraday Support Level – 0.0112BTC

Intraday Resistance Level – 0.0118TC

The hourly RSI and MACD tilted in favor of sellers, pointing more declines moving ahead.

Charts courtesy of Trading View

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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