Dash price declined and broke key supports against the US Dollar and Bitcoin, and now DASH/USD is back in the bearish zone below $185.
Key Highlights
Dash price after a ride towards the $225 level versus the US Dollar faced sellers and declined.
There is a major bearish trend line with resistance at $185 forming on the hourly chart of DASH/USD (data feed from Poloniex).
The price currently correcting higher, but might struggle to break the $180-185 resistance zone.
Dash Price Resistance
In the last analysis, we saw a decent spike in Dash price above the $190 level against the US Dollar. The price even broke the $210 resistance and traded towards $225 where it faced sellers. Later, the price started a downside move and traded below the $210 ad $200 support levels. The most important move was below the $185-180 support, which can be considered as a weekly pivot in the short term.
The price traded as low as $164.68 where it found support. It is currently correcting higher, but the upside move above $185 could be limited. An initial resistance is near the 23.6% Fib retracement level of the last decline from the $211 high to $164 low. However, there is a major bearish trend line with resistance at $185 forming on the hourly chart of DASH/USD. The same trend line is positioned with the 50% Fib retracement level of the last decline from the $211 high to $164 low.
So, it won’t be easy for buyers to take the price back above $185 in the near term. Selling rallies towards the trend line resistance of $185 may be considered in the short term. On the downside, the $160-150 levels are decent supports.
Looking at the indicators:
Hourly MACD – The MACD for DASH/USD has moved into the bearish zone
Hourly RSI – The RSI for DASH/USD is still in the oversold levels.
Intraday Support Level – $165
Intraday Resistance Level – $185
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. Altcoin Today does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.