DASH Likely to Fall Below $200 – Technical Analysis
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DASH Likely to Fall Below $200 – Technical Analysis

March 17, 2021      Ankita Awasthi

DASH is an altcoin that was forked from the Bitcoin source code. It is an open source blockchain network whose users address themselves as ‘masternodes’.

Past Trends

The opening price of DASH was $218.19 on March 9, 2021. As of March 15, 2021, DASH closed at $221.42. Thus, in the past week, the DASH price has surged by roughly 1.5%. In the past 24 hours, DASH has been trading between $210.58 and $233.12.

DASH Price Analysis

 

https://www.tradingview.com/x/uYjkRimc

Day-Ahead and Tomorrow

Currently, DASH is trading at $216.39. The DASH price has decreased from the opening price of $221.27. Thus, the market doesn’t look very healthy. It is best to look at price movements in slots of 4 hours each.

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In the past 24 hours, the OBV indicator has declined steeply. Thus, heavy sell-offs are taking place in the DASH market. High selling volumes will exert downward pressure on the DASH price. Hence, the price will decline further.

The MACD and signal lines are negative too. Moreover, the MACD has cut the signal line from above indicating a bearish market momentum. Thus, we can expect the price to go down further.

The RSI indicator faced a bearish swing rejection at 56% and is currently at 41%. It is falling further. Thus, selling pressures are high and heavy offloading will lead to a price pullback. This may be the apt time for swing traders to go long as the RSI indicator is moving towards the ‘oversold’ region.

DASH Price Analysis

At present the price is at the first Fibonacci pivot support level of $213.11. By the end of the day, the price may go below the subsequent support levels of $207.88 and $199.43 respectively.

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The price has tested and fallen below the 23.6% FIB retracement level of $215.77. Infact, by day close, the price is likely to have gone below the 38.2% FIB extension level of $202.18, as the bears are very strong. In that case, the price downtrend will continue tomorrow as well.

 

#Dash #DASH price movement
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.