DASH price analysis: DASH/USD flirting with $301; looming bear pressure threatening to test April lows
- From the beginning of May DASH has traded lower highs and lower lows.
- DASH trading volume and market capitalization hit hard by the prevailing selling pressure.
DASH price is among the biggest losers on charts on Monday. It is correcting lower after crashing through the support levels at $340 and $320. DASH/USD is down 4.64% on the day while it is exchanging hands at $301. DASH price is hanging tight on the edge of a cliff careful not dip into the $200 range.
The cryptocurrency has been one of the hardest hit by the selling pressure in the market. It trade highs of $538 in April but now it is barely hanging on to $301. From the beginning of May DASH has traded lower highs and lower lows within the confines of a descending channel.
Still, in April DASH price traded lows of $283 and a break past the immediate support at $300, places the next target around the April lows. Moreover, if the major support level at $280 gives in to selling pressure, the other target is at $250. On the upside, a trend reversal will encounter resistance at the former support zones at $320 and $340.
DASH trading volumes have also been decreasing in the last two weeks. On May 18, 2018, the trading volume was approximately $125 million. However, DASH recorded $85,613,500 at end of the session yesterday. Its market capitalization has also taken a hit dropping from $3,133,360,000 on May 18 to $2,603,640,000. DASH and other privacy-focused cryptocurrencies were delisted from Coincheck and Korbit exchanges. There is a high chance that the falling volumes and market cap are still reacting to the decision by the two exchange platforms.
DASH/USD 3-hour chart
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
