DASH Price Gears Up After Last Week’s Epic Fall

  • DASH Price bounced from a low of $334 to a high of $366 all in Sunday’s intraday session 
  • The DASH/BTC pair is trailing at 0.007 BTC with a gain of 0.15% at press time 
  • DASH is currency ranked #48 with a market dominance of 0.16%

DASH price witnessed significant losses after establishing a yearly high of $494 on May 8th. Market bulls lost the upper hand once the price failed to sustain above the $336 range. The overall price action has been accommodated inside the bullish continuation pattern known as the ascending channel on the daily chart. DASH’s ability to uphold the conventional support level at the current price level which is $343 will reveal a bullish scenario in the upcoming days. 

Even though the past week was brutal for DASH on account of the weekly losses mounting up to 12%, the bulls have attempted significant comebacks. 

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This will be confirmed once the stochastic RSI on the daily chart entertains a bullish crossover.  

TradingView

Super Trend indicator flashes a buy signal on the 4-hour chart.

tradingview

The 200 EMA (blue) has proved its competency by consistently retesting as support on the 4-hour chart. At present, the price of DASH is sandwiched inside the 20 EMA (yellow) and the 200 EMA(blue) out of which the 200 EMA saved the day. 

The fact that the current price is in confluence with the 200 EMA demonstrates an indecisive scenario. A bearish EMA crossover would invalidate the bullish trend reversal and plunge the price down to $319 (FIB 0.382). 

The technical indicators are exhausted which can be confirmed as the RSI is heading towards the oversold territory. An oversold RSI indicates that the security is in an undervalued condition. 

The MACD is levitating inside the negative territory whereas the histogram is suggesting an indeterminate trend. 

CONCLUSION: The CVIX of DASH is flashing 70 which signals the increased price probability of sharp fluctuations in the short term. The fear is prevailing in the DASH market that will subsequently lead to a substantial price drop. The current price of DASH is $343 established on the back of a 2.15% decrease in the last 24 hours.  Investments in cryptocurrencies are based on Market risks. Investors should conduct their due diligence before investing. 

SUPPORT : $319

RESISTANCE: $416

Malishka

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Nancy J. Allenhttp://www.thecoinrepublic.com
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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