- Dash's only hope of avoiding impending declines towards $100 is to break past the triangle resistance.
- Technical levels have aligned perfectly for a downward momentum including both the RSI and the MACD.
Dash massive 75% gain last week saw the crypto break pass key resistance zones including $100 and $110. The bullish momentum pushed forcefully towards the next hurdle at $120. However, the bearish pressure at $115 did not allow further upward movements. Instead, Dash dipped towards $100 but found support at $105.
At the time of writing, Dash is trading at $108.40, following a 1.75% loss on a day to day basis. The price is also at the apex of a symmetrical triangle pattern. If the triangle resistance is broken, there is a huge chance that Dash could jump above the short term resistance at $110. Moreover, gains to $120 resistance will depend on the ability of the bulls to break last week’s hurdle at $115.
Dash’s immediate downside is supported initially by the 50 SMA on the 1-hour chart. The triangle support (ascending trendline) is also contributing to the support. However, if the pattern’s support caves in, Dash could be facing a devastating correction towards $100. A slide beneath $100 could find support at the $90 level.
Technically, Dash is inclined to remain bearish in the near term. The RSI has lost upward momentum and is extending motion below 50. Similarly, the MACD can barely hold above the mean line, in addition to spotting a bearish cross.
DASH/USD 1-hour chart
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