Dash Trading in Critical Support Area Unable to Regain its Positive Momentum

  • Dash is still trading negative after breaking below the major support level of $65.00 and unable to revive its positive momentum 
  • The DASH/BTC pair is also trading negative with a loss of -3.87% bringing the current level to 0.00457012 BTC 
Source: coinmarketcap

The weekly price performance chart of Dash highlights the downtrend faced by its price levels and its instability above the crucial mark of $ 70.00 which eventually led to the downfall. During the downtrend, the price levels were having a major support level of $ 65.00 which had the potential to provide a positive bounce back to the levels but failed as the selling pressure mounted on the price levels with the emergence of the bears on Tuesday’s market session. The CMP is now placed at $ 63.10 facing an overall loss of -1.86% resulting in market capitalization to decline by -1.82 and the 24-hour volume traded to incline by 28.45 on a negative day reflecting the magnitude of the selling pressure faced by the crypto asset. 

Technical Levels Beaten Down by the Downfall for DASH 

The technical chart highlights the significant price recovery action made by Dash in the past month to the critical resistance area around $80.00 which is eventually followed by heavy price correction activity towards the end of the month. The price levels faced significant negative reversals from the 0.618fib level and now broken below the support line placed at the 1.00fib level. The sentiments for the crypto asset are particularly looking weak and might fall further to the 1.272fib level. 

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The relative strength index (RSI) made a recovery from the oversold region, however, still looking vulnerable for another negative dip to the region with the current level of 60.63

The directional movement index (DMI) is showcasing potential to recover the levels as ADX (32.37) looks to have a positive crossover with -DI (38.19) 

Will Dash Face Further Downfall Below $60.00? 

The current price levels are already trading below the critical support levels and in desperate need to have a positive bounce back from here. Maybe the current price levels can be treated as a rational buying opportunity among investors which might help to revive its buying volume 

Resistance level: $70.00 & $73.00

Support level: $60.00 & $52.00

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.

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