Dash Price Update: Dash/USD nose-dives 3% on hitting key resistance

Dash has been forced to deal with increasing selling activity following a failed attempt to break above a key trendline resistance line. In addition, to that, the 50 SMA on the 4-hour chart resistance around $110 made life harder for the bulls in the fight for recovery. Dash has corrected past the 100 SMA support and is now exchanging hands at $103.

Dash’s sixth anniversary

Dash celebrated its sixth anniversary on January 19, 2020 since the genesis block was mined. The crypto has undergone numerous transformations and rebranding, from the original Xcoin, to Darkcoin and later the change to Dash in 2015.

Dash price technical picture

The momentum prevailing hints that a break below $100 is possible. The bears seem to have gained confidence with the RSI diving into the overbought. Similarly, the Elliot Wave Oscillator is pushing four consecutive bearish sessions. Although Dash is bearish at the time writing, the oversold RSI signals that in the near term a reversal seems imminent. The main task is for the bulls to sustain Dash price above $100 to avert the danger of plunging to $90.

DASH/USD 1-hour chart