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- 1 DASH price faced rejection from $36.00 and reversed downward.
- 2 Short-term correction begins in Dash cryptocurrency.
- 3 Dash coin price slips below the 50-day and 200-day EMAs.
DASH price faced rejection from $36.00 and corrected approximately 17% from the recent swing high. It lost the bullish momentum and the price reverted in a downward direction.
Dash crypto is forming a bearish pattern and showing initial signs of a bearish trend reversal. It slipped below the 200-day and 50-day EMAs, which triggers the negative sentiment and invites further downfall.
The chart pattern denotes that sellers are dominating and any short-term bounce might get sold off. The bears look more active and aggressive as compared to bulls. So, more downfall is possible in the coming weeks.
On the lower side, $28.00 is a nearby support to the current price. So, if the price reaches the support, buyers may come forward and try to halt the downfall.
The recent sell-off has panicked the long-term investors so they might look to exit. If this happened, bears might try to hit new swing lows.
Currently, the DASH price is trading at $29.96 with a one-day downtick of -5.96%. The volume to market cap stands at 14.60% denotes the liquidity is quite high.
Will the DASH Price Decline More?
DASH price is volatile and speculators are active. In the recent downfall, it erodes the majority portion of the gains generated in November.
The sellers are continuing their dominance and strengthening their grip. So, the probability of more downfall is high as compared to bounce back.
Till the Dash crypto price trades below $36.00, the sellers may remain active. So, it is better for the short term to play bearish bets. The analysis suggests, DASH is in a short-term downtrend and may fall to $28.00 by next month.
Dash Price Analysis: Time for Sell on Rise?
Dash price formed a bearish engulfing candle on the weekly timeframe. Sellers are giving the follow-down and succeed in breaking the previous week’s low. Therefore, the price action clearly says that it’s time to play sell on the rise to generate gains.
The MACD displayed a negative crossover and a histogram forming red bars indicating bearishness. The RSI at 43 denotes weakness and no sign of bounce is visible in the price chart.
Conclusion
DASH price is turning bearish and sellers are strengthening their grip. It is near to crucial support, if buyers fail to give a bounce, more downside will open.
The analysis suggests that the Dash crypto is now in bears’ grip and the probability of a $30.00 breakdown is high.
Technical levels
- Resistance levels: $34.00 and $36.27
- Support levels: $27.60 and $24.42
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.