Dash price analysis: It probably was a dead cat bounce

DASH bounces and falls from long term resistance.
New lows on the horizon again.

Manoj B Rawal Independent Analyst

DASH, the cryptocurrency with market capitalisation of more than two billion dollars, rallied above $300 and then lost more than 21 percent from the highs made on Friday in a sign that it was a dead cat bounce in the last couple of days and perhaps recent lows are at risk of breaking down.

DASH/USD is up more than 2 percent on day at $248.51 after falling to as low as $237.47. On the daily charts DASH prices, after rising all the way to $309, fell back sharply, exactly from the descending trendline that the bulls have not been able to cross in the last few months.

A close below $241 would be the first sign of Dash's downtrend remaining intact and any rallies would be shortlived.

DASH/USD daily chart:

Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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