Quack AI
NEAR Protocol
Monero
Lighter
Ethena
Pons
Sui
- The DASH coin has broken the ascending triangle pattern and broke through the essential support level of $88.
- The DASH coin price seems to be bearish by forming a double top formation in the context of a daily price chart.
- The DASH/BTC pair price is suggesting solid weakness by 8.88% at 0.002338 satoshis.
After hitting an all-time high, the DASH coin has plummeted downward as bears began aggressively selling it. The currency just formed the 52-week low price of $80.5, as bulls sought to recoup their losses and continued to acquire the coin price, leading in the coin’s price action saw an ascending triangle formation on the daily price chart. The present scenario for DASH coin looks to be bearish, and the formation of a double top has created a situation of panic selling.
Since the All-time high, the price action of the Dash coin had been reflecting the sell on rising formation, and before slipping below the $120 level, the currency noted the triple top structure (red icon) over the daily price chart. In yesterday’s session, the coin slipped below the crucial psychological level of $100 and breached the pivotal support level. At the time of writing, the DASH coin is trading at $87.06, which is a decline of 13.5%.
DASH coin has increased its trading volume by 43% in the last 24 hours. Yesterday’s daily volume bar saw an all-time high in the past 4-week trading session. The volume to market capitalization ratio is 0.2773. However, the coin’s price may reach $60 if bulls fail to sustain above $80-level and the DASH has immediate resistance at the $100-round level. Moreover, the asset price has broken the lower verge of the Bollinger Bands indicator in the context of the daily price chart.
Bears have been dominating the DASH’s trend for last 3-weeks
Same as the USDT pair, the DASH/BTC pair formed the double top formation in terms of the daily price chart. The crypto market is facing panic selling of bitcoin and other digital assets because of the disturbing and war-like situations made by the Russia-Ukraine border dispute. The DASH/BTC pair price is bearish by 8.88% at 0.002338 satoshis. Moreover, the pair price has slipped below the crucial support level of 0.00240 satoshis.
The significant day moving averages ( including 20,50,100, and 200 MAs) are far above the current price of the DASH coin. And the 50-MA stood to be a bullish hurdle for a long time; buyers need to reach above the 50-MA (blue) for recovery.
The Daily RSI continues downwards after reflecting the double Top territory. At the time, RSI is at the 34-mark, attracting the bears for the sharp-selling. Moreover, the average directional index is at 16-level, preparing for the higher move.
Conclusion
As a result of the Russian-Ukrainian border dispute, the current market outlook is bearish. It is possible that the entire cryptocurrency may recover if Bitcoin bounces back.
Support level- $80 and $60
Resistance level- $100 and $150
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
