Key Highlights
- Dash buyers failed to take the advantage of the recent surge higher, as the price fell back sharply.
- Prices settled successfully above 0.0120BTC, which is a positive sign in the short term.
- 100 hourly simple moving average continued to act as a hurdle for buyers in the short term.
Dash price is heading lower towards 0.0116BTC, which is a key support area and must hold if buyers have to contain losses.
A break below 0.0116BTC possible?
The price recently traded close to 0.0116BTC where buyers defended the downside, and pushed it back up. However, the upside was also limited, as it failed around an important resistance area. There is a crucial confluence zone formed around the 100 hourly simple moving average and the 50% Fib retracement level of the last drop from the 0.0125BTC high to 0.0116BTC low. The Middle Bollinger Band is also aligned perfectly around the highlighted resistance area.
There is a bearish trend line formed on the hourly chart, which we have followed for some time now. Only a break and close above the stated confluence area at 0.0120BTC might push the price towards the trend line resistance area. In short, there is a cluster of resistances formed around 0.0120BTC, and it won’t be easy for buyers to outpace sellers if they manage to take the price higher.
On the downside, 0.0116BTC holds the key, and there might be a tough battle around the mentioned area. It acted as a support many times, and likely to stall downsides moving ahead. An hourly close below 0.0116BTC could clear the way for 0.0112BTC.
Intraday Support Level – 0.0116BTC
Intraday Resistance Level – 0.0120BTC
Let us see which way the Dash price moves, as sellers remain in control as of writing. Both the RSI and MACD are in the bearish zone, signaling more declines.
Charts courtesy of Trading View