- Dash price is currently trading at $50.06 with a decrease of -0.2% during the intraday session.
- The 24 hour trading volume is up by 6.73% at the time of writing.
Looking at DASH price, as soon as crypto-price reached $75 level, there was high bearish pressure which bulls were not able to balance out and pushed price down to $46.50 level. This was a correction of a bullish move which dash price initiated during the start of 2023.
Price gained nearly about 80% from the $41 low. DASH downfall of price was basically due to silvergate bank collapse as it faced setback during the november when investors withdrew $8.1 billion in the aftermath of FTX bankruptcy. The whole crypto market was affected by the collapse of silvergate bank and FTX because of the liquidity issues.
Bulls pushed the price to $64 and the consolidation phase started. Consolidation zone lies between $55.20 and $64. The bears took control and broke out of the consolidation zone and price is currently forming a support at $48.80 level.
Market condition shows that if bears have the control and break of $48.80 price level happens, there is higher probability of drop to $46 price level. The cryptocurrency price is trading below the 20,50,100 and 200-day EMA indicating a strong bearish trend supporting the probability of drop in price. While on the other hand, if bulls are able to defend the $48.80 price level, there are chances of a trend shift from bearish to bullish and a clean move upward to previous support of $55.40 which will now act as a resistance for the price.
Dash Coin Technical Analysis:
The RSI curve trades in the bearish region after witnessing a steep fall from the 50 mark during last week. The RSI is headed towards the oversold zone and therefore, increasing chance of reversal for Dash price. Currently the RSI is at 36.19 indicating a bearish market. The price is also trading at the lower band of bollinger indicating a move to upwards and higher chance of pullback to $55.40 level where the 20-day SMA resides. The bands opened showing a high volatility period for the price. -DI is above the +DI which is obvious looking at the current trend and ADX is currently at 17.36, gradually increasing indicating bearish sentiment in the market. The longs/shorts ratio is at 0.91 with longs at 47.38% and shorts at 52.38%.
Conclusion:
In conclusion, the DASH price history has shown many fluctuations with many highs and lows. The current market condition for DASH coin is bearish and requires participation of bulls to defend the support of $48.80 level. The technical parameters show a chance of pullback to $55.40 level. Dash coin managed to establish itself as a popular cryptocurrency with growing following. The cryptocurrency market is still evolving, it would be interesting to see where DASH price heads.
Technical levels:
Major support: $41.80 and $46.
Major resistance: $55.40 and $64.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.