Dash price is recovering well against the US Dollar and Bitcoin, and now DASH/USD may soon break the $165 resistance for more gains.
Key Highlights
Dash price faced a lot of selling pressure lately and traded below $140 versus the US Dollar.
There is a bearish trend line forming with resistance at $165 on the hourly chart of DASH/USD (data feed from Poloniex), which is protecting gains.
The price may soon gain pace and move above the $165 resistance to trade near $180.
Dash Price Resistance
Recently, we saw a major decline in Dash price below $160 against the US Dollar. There were many attempts to break the $200 handle, but the price failed and moved down. During the downside move, it broke a few important supports like $180 and $160. A new low was formed below $140 at $136.14. Later, the price found support and started a recovery by moving above the $150 resistance. It also moved above the 23.6% Fib retracement level of the last decline from the $190 high to $136 low.
At the moment, the price is trading near a major hurdle at $165. There is a bearish trend line forming with resistance at $165 on the hourly chart of DASH/USD. The trend line resistance near $165 may play a major role. It also coincides with the 50% Fib retracement level of the last decline from the $190 high to $136 low. Once the price breaks the trend line resistance and settles above $165, there can be more gains.
On the upside, the next hurdle is near $172 and the 100 simple moving average. On the downside, the $150 level is a support followed by $140.
Looking at the indicators:
Hourly MACD – The MACD for DASH/USD is back in the bullish zone.
Hourly RSI – The RSI for DASH/USD is now well above the 50 level.
Intraday Support Level – $140
Intraday Resistance Level – $165
