Dash Price Analysis: DASH/USD bears emerge beneath the 100 SMA

Dash is in the green while the majority of cryptocurrencies are in the red. The digital asset is holding onto the gains accrued on the day whereby its trading 1% from the opening price of $52.44. The only other crypto in the green is Ethereum Classic trading 1.84% higher on the day.

The selloff in the cryptocurrency market comes after several days of bullish action. The cryptocurrency market update reported a $9 billion loss across the entire market with the market capitalization sinking from $218 billion to $209 billion in less than 24 hours. The losses are likely to continue across the board until major assets such as Bitcoin and Ethereum find credible support areas to force trend reversals.

Meanwhile, Dash is trading at $52.97 and facing immediate resistance at the 100 SMA on the 1-hour chart. The correction from the recent high at $57.50 found balance above $51.00. However, recovery appears to be losing steam under $53.

Technically, Dash could embark on a downtrend targeting $50. In other words, if the downward slopping 50 SMA crosses below the 100 SMA, the bearish grip is expected to strengthen, therefore, push the price against the key support levels at $500 and $40. Moreover, the RSI recovery is fizzling out shy of 50 and a downward motion will contribute to the losses.

DASH/USD 1-hour chart