Manoj B Rawal
Independent Analyst
- DASH makes Head and Shoulders pattern on the charts.
- Breakdown would result in about 8-10 pct fall.
Dash, the crypto that has lost more than 90 percent of its value from the highs of December last year, has made a Head and Shoulders pattern on the medium term chart and is on the verge of breaking down.
DASH/USD is down about 1.5 percent on day at $93.96, around lows of the day. On the 240-minute chart of this crypto, a possible H&S breakdown is visible as the price is sitting just above the neckline, once broken it could easily take prices towards $80-82, about 8-10 percent fall from the breakdown point of $90.
On the other hand, if for some reasons, bulls are able to defend the prices around the neckline, which is also a good support, it could result in a bounce towards recent highs and may also breakout. But given the sentiment for overall crypto market, the possibility of former are higher than the latter.
DASH/USD 240-minute chart:
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