- DASH Price down 11% approx on a monthly basis and formed a bearish pattern.
- The DASH crypto price drops below both EMA and displayed death crossover.
- The pair of DASH/BTC is trading at 0.001633 with an intraday decline of 1.39%.
DASH Price down 11% on a monthly basis and formed a bearish pattern. It is consolidating near to the yearly lows and buyers are trying to defend the crucial support of $40.00.
DASH Price drops below the 50 and 200 day EMA showcase positional trend is in the downward direction. However, the price near to the demand zone and downside seems to be limited till it holds $30.00 support.
In the past few months, buyers have tried multiple times to break out of the $60.00 hurdle but got rejected. It shows sellers are active on higher levels and any short term pull back will face difficulty to sustain.
DASH Price trading at $43.91 with an intraday decline of -1.35%. The 24 hour volume to market cap ratio is 0.0973. The pair of DASH/BTC is trading at 0.001633 with an intraday decline of -1.39%.
The structure of DASH with BTC pair is quite similar to USDT pair and keeps on slipping down by forming lower lows. It shows sellers are active on both the pairs and continuing the dominance.
At the mid of March, DASH price witnessed sharp buying after taking support near $45.00. Prices bounced back with a high momentum and tried to sustain above both the EMA to bring back the confidence of long term investors. However, the prices failed to give the follow up momentum and got stuck into a narrow range consolidation.
DASH Price struggles to defend $40.00 support?
DASH Price consolidated for a few weeks in a hope of upside range expansion. Saldy, the overall market sentiment turned bearish which negatively impacted the prices of Altcoins.
DASH price took the opposite direction and broke down the lower range which invited the further decline. It hurted the sentiment of investors and the sell off is still continuing. Recently, DASH crypto formed a bullish hammer candle near $40.00 but it lacked the upside momentum.
If the buyers succeed to push the price above the $50.00 hurdle, then the possibility of sustaining the higher level will increase. Else the prices are expected to trade in the range between $40.00 to $50.00. If prices consolidate for a few more months, it will be interpreted as a base formation.
Short- term up move in DASH Price sustainable or not
DASH Price is bearish on multiple time frames and eroded all its previous gains. The price will pick up momentum only after the $50.00 breakout. Till then any short term up-move will have low probability of sustaining the higher levels.
The technical indicators like MACD have generated a positive crossover indicating mild bullishness. The RSI at 42 sloping sideways denotes price may try to approach neutral territory in coming weeks. However, the price action says the recent recovery is temporary and price will face resistance near to the 50 day EMA.
Conclusion
DASH Price down 11% on a monthly basis and forming a bearish pattern. Buyers struggling to defend the $40.00 support shows buyers are also active near to the demand zone. The technical analysis suggests, DASH crypto price is in bear grip and short term pull back will face strong resistance at $50.00.
Technical levels
Resistance levels: $52.00 and $64.00
Support levels: $38.00 and $30.00
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.