- Dash price failed once again to trade higher, and moved a bit lower intraday.
- A major support area of 0.0125BTC is tested, which must hold if buyers want to prevent any further losses.
- 100 hourly simple moving average is still on the downside waiting to provide support if the price moves lower from the current levels.
Dash price struggle continues, which could ignite a downside thrust if buyers fail to defend an important support at 0.0125BTC.
More Losses Likely
We highlighted previously that the Dash price failed to maintain gains after trading as high as 0.0156BTC. The downside reaction was swift and there were many spikes noted on the upside which signals that the price is struggling to move higher. There is a bearish trend line formed on the hourly chart, which is acting as a resistance and stalling the upside. Furthermore, there was a bullish trend line as well on the hourly chart, which was broken recently to open the doors for more losses.
The price is currently trading around a critical support area of 0.0125BTC, which represents a major pivot area. Moreover, the 61.8% Fib retracement level of the last wave from 0.0104BTC to 0.0156BTC is coinciding with the mentioned area. If sellers manage to clear 0.0125BTC, then it may set the price for a move towards the 100 hourly simple moving average which is aligned with the 76.4% Fib level.
On the upside, a break above 0.0130BTC is needed for more gains as it is coinciding with the highlighted bearish trend line. It is looking difficult at the moment for buyers to take the price higher in the near term.
Intraday Support Level – 0.0125BTC
Intraday Resistance Level – 0.0130BTC
The hourly RSI and MACD are in the negative territory, which points to more losses moving ahead.
Charts courtesy of Trading View