- 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 (DigitalCash) is recovering well against the US Dollar and Bitcoin, and now DASH/USD may soon break the $165 resistance for more gains.
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
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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