- Dash price remained above the $180 support versus the US Dollar and currently looking for more gains.
- There is a major bearish trend line forming with resistance at $198-199 on the hourly chart of DASH/USD (data feed from Poloniex).
- The price needs to clear the $200 handle to gain bullish momentum in the near term.
Dash price (DigitalCash) is consolidating losses against the US Dollar and Bitcoin, and now DASH/USD has to clear $200 for more upsides.
Dash Price Resistance
In the last analysis, we saw a minor decline in Dash price towards the $180 level against the US Dollar. The price was able to remain above the $180 support and started consolidating in a range. It is moving to and fro around the 23.6% Fib retracement level of the last decline from the $219 high to $182 low. However, there are many resistances like $198 and $200 on the upside waiting to stop gains.
There is a major bearish trend line forming with resistance at $198-199 on the hourly chart of DASH/USD. It is waiting along with the 100 hourly simple moving average below $200 to act as a major hurdle. Moreover, the 50% Fib retracement level of the last decline from the $219 high to $182 low is at $200. So, we can say there is a major barrier for buyers forming near $200. A break and close above $200 is needed for more gains in the near term.
On the downside, the $180 level may continue to provide support. Only a close below $180 could diminish hopes of gains and might result in declines towards the $168-165 support zone.
Looking at the indicators:
Hourly MACD – The MACD for DASH/USD is almost flat suggesting consolidation.
Hourly RSI – The RSI for DASH/USD is currently just below the 50 level, and remains directionless.
Intraday Support Level – $180
Intraday Resistance Level – $200
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.
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