- The Dash coin has broken the downward-sloping trendline.
- It has risen for the 3 consecutive trading sessions.
- The coin price has been trading in a horizontal range since the 17th of August 2023.
Dash coin is a decentralized open-source blockchain and cryptocurrency that offers a fast, reliable, and cheap global payment option. It aims to provide faster transactions along with stronger privacy. It has a unique function to offer users like InstantSend, PrivateSends, and chainlocks.
The Dash coin created a high of $478 on 7 May 2021. It is now trading at the level of $25.90 with a decline of 94%. It is considered a massive fall for any coin. However, the coin price has shown a huge rise in its initial days and rewarded the smart gains to its investors.
The Dash Coin price has been in a strong downtrend since February 2023. It has formed some giant bearish candles on the daily chart, which shows that the bears are present at every level. It will be difficult for the buyers to overcome these hurdles easily in the future. However, the buyers were able to hold and absorb the liquidity as it has been flat since August.
An Outlook of the Dash Coin Chart
Dash Coin has risen for the previous 3 trading sessions. It is currently showing some negative movement as it is currently trading in the red. It has given a breakout of the downward-sloping trendline and has currently trading flat since then. The coin price has retested the breakout levels but has failed to provide the necessary follow-up momentum by the bulls.
The Dash Coin price has strongly defended the support level of $24.23. However, the coin price is moving in a sideways trend, so it has faced resistance near the level of $28.53. Apart from this, the resistance level is present at the level of $33.57 and $38.85. It is trading at the lowest level since listing, so according to the Fibonacci tool the support level is present at the level of $21.91.
An Overview of the Exponential Moving Average and Relative Strength Index
Dash coin is currently facing resistance from the 50-day Exponential Moving Average. The coin witnessed a death cross in May 2023, since then the coin has witnessed a major downfall. The Relative Strength Index is currently placed at 48.94 and the RSI has shown a divergence with the price, which is a bullish sign for the coin.
Conclusion
Dash coin has been in a range for 2 months and it showing no sign of any wild move on either side. The price can see some good volatility if the price breaks the resistance level of $28.53 or else the support level of $24.23.
Technical Level
- Resistance – $28.53 and $33.57
- Support – $24.23 and $21.91
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.