Dash Price Analysis: DASH/USD drops 30% from 2020 peak as bulls lose their mojo
|- Dash plunges from January peak to test support at $90 amid increased selling activity.
- Dash bulls must pull above the descending trendline resistance to break the losing streak.
Dash was among the biggest gainers in the January 2020 bull-run. From the December low around $38, the price spiked remarkably, breaking numerous barriers. The new 2020 high at $144 marked the end of the impressive bullish action. Dash bears have since been pushing a reversal below the descending trendline as observed on the 1-hour chart.
The cryptocurrency tested the support at $90 after failing to hold above $100 on Sunday. However, the price did not stay down for long as Dash corrected back to levels slightly above $100. For now, Dash is trading at $101 in a bid to clear the 2.86% losses made on the day.
Capping the immediate downside is the 50 SMA at $102.94. Also adding to the hurdles is the trendline resistance and the 100 SMA at $111. If the support at $100 gives in again, Dash bulls have to ensure that the next one at $90 holds no matter what. Otherwise, Dash could be on the highway back to levels below $50 for lack of credible support areas.
DASH/USD 1-hour chart
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