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- Dash has been facing a significant downfall due to the overall bearish sentiment in the market.
- The DASH/BTC pair is also performing negative with an overall loss of -4.54% bringing the current level to 0.00581569 BTC
The positive momentum built by Dash has been ended by the major resistance level of $73.00 which resulted in negative reversals. Also, the impact of the reversal has gradually increased as the altcoin broke below the support level of $70.00 at the same time. The bears are letting the digital asset to lose its all gained momentum in this month. The CMP is at $66.06 with an overall loss of -4.54% bringing the market capitalization to $644,873,545 and the 24-hour volume traded to $629,873,545.
Technical Levels Showcasing Extreme Bearish Nature
The technical levels reflect on the downtrend faced by Dash in the previous month which is followed by price recovery action this month. However, the recovery action didn’t last long as it reached the resistance level of $73.00. The bullish curve formed was also broken due to the ongoing downtrend and the price levels have also broken below the 0.236fib level. There is a strong resistance which is placed at 0.382fib level.
The directional movement index is providing negative signals as -DI(36.96) had a bearish crossover with ADX(23.76).
The commodity channel index is prevailing in the oversold region which is also a negative signal with the current level of -174.76.
The relative strength index is trying to prevent entering the oversold region with the current level of 34.09.
Can Bulls Make A Comeback For Dash?
The revival of a positive move for the cryptoasset is not looking possible as the overall market conditions and the technical levels are favoring the bears. The next support level of $64.00 can only provide a positive move to the coin.
RESISTANCE LEVEL: $73.00
SUPPORT LEVEL: $72.00
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Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
