- Dash price recently traded lower towards the $130 support area against the Japanese Yen.
- The DASH/USD pair is currently trading near a major bullish trend line with support at $132 on the hourly chart (data feed from Poloniex).
- The pair may soon bounce towards $145 where it could face sellers in the near term.
Dash price (DigitalCash) declined recently against the US Dollar and Bitcoin, but DASH/USD is currently holding a major support area.
Dash Price Trend Line Support
In the last analysis, we noticed the chance of Dash price declining below $138 against the US Dollar. The price did break the mentioned level and traded below $135 as well. It almost tested the 50% Fib retracement level of the last wave from the $111 low to $146 high. The worst part was a close below the 100 hourly simple moving average at $143, which is a short-term bearish sign.
At the moment, the DASH/USD pair is trading near a major bullish trend line with support at $132 on the hourly chart. The highlighted trend line support holds a lot of importance since it holds the current trend above $130. The price is attempting a recovery, and may trade towards the 38.2% fib retracement level of the last decline from the $152 high to $132 low. However, the upside move is likely to face sellers near $140. The same level also coincides with the 100 hourly simple moving average at $142.
Furthermore, the 50% fib retracement level of the last decline from the $152 high to $132 low at $142.50 may act as a resistance. On the downside, a break below the trend line support at $132 could ignite more declines in the near term.
Looking at the indicators:
Hourly MACD – The MACD for DASH/USD has moved in the bearish zone.
Hourly RSI – The RSI for DASH/USD is now in the oversold area.
Intraday Support Level – $132
Intraday Resistance Level – $142
Charts from Poloniex; hosted by Trading View
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