- Dash price after surging higher corrected lower as forecasted in the weekly analysis.
- There is a major support building around 0.0125BTC, which is likely to act as a pivot area.
- A bullish trend line is also formed, which is a crucial barrier for sellers.
Dash price correction phase is likely to complete soon, which means buyers might take control in the near term.
0.0125BTC as a support
As highlighted in the weekly analysis, the Dash price surged higher after clearing a couple of major resistances like 0.0120BTC and 0.0125BTC. The upside after the break was stalled around 0.0156BTC, which turned out to be a major barrier for buyers. The price declined or we can say corrected sharply after testing the mentioned area. It even tested the 50% Fib retracement level of the last wave from 0.0104BTC to 0.0156BTC, which is a worrying sign in the short term.
However, there is a critical bullish trend line building on the hourly chart, which is currently preventing further losses. We must not forget that 0.0125BTC is a monster support area for buyers. It acted as a support and resistance previously, which means this time it might help buyers. The highlighted trend line holds a lot of value, as a break below it might negate the current bullish view and shift the focus towards more losses.
There is a divergence forming on the hourly MACD, which means the chances of a move higher is more compared with a break lower. On the upside, the first hurdle for buyers is around 0.0140BTC, which is a swing area for both buyers and sellers.
Intraday Support Level – 0.0125BTC
Intraday Resistance Level – 0.0140BTC
It looks like buyers might struggle to prevent a trend line break, but if they succeed, then a sharp upside reaction is likely.
Charts courtesy of Trading View