Dash Price Technical Analysis: Short-Term Top Formed
Dash price (DigitalCash) failed to break the $80 level against the US Dollar, and now DASH/USD is showing signs of a short-term top.
- Dash price struggled to break the $80 level against the US Dollar, and now moving lower.
- A bullish trend line with support at $77 on the hourly chart of DASH/USD (data feed from Poloniex) was broken recently.
- The price also cleared the 100 hourly simple moving average at $77, which is a negative sign.
Dash Price Trend Line Break
In the last analysis, we saw how there was a rise in Dash price towards the $80 level against the US Dollar. Later, the price faced sellers and started a minor downside move. It looks like it failed to break the $80 level, and may move down further. It has already cleared the 23.6% Fib retracement level of the last wave from the $60.50 low to $80.65 high. It is the first sign of weakness, as the price starts a downside move below $78.
The second bearish sign is a close below the 100 hourly simple moving average at $77. Third, there is a break below a bullish trend line with support at $77 on the hourly chart of DASH/USD. These signs suggest that the price may move down further towards $70. An initial support on the downside is around the 38.2% Fib retracement level of the last wave from the $60.50 low to $80.65 high at $72.91.
However, I think the most important support is near $70.50, which is a pivot area. If you are looking to buy, then wait for a move towards $70 or a close back above the $78 level.
Looking at the indicators:
Hourly MACD – The MACD for DASH/USD is now moving into the bearish zone.
Hourly RSI – The RSI for DASH/USD is heading towards the 30 level, and bearish.
Intraday Support Level – $70
Intraday Resistance Level – $78
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Charts courtesy of SimpleFX