DASH Technical Analysis: Facing a Bearish Trend with $239
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DASH Technical Analysis: Facing a Bearish Trend with $239

April 5, 2021      Ankita Awasthi

In the next technical analysis, Dash is an open-source protocol that allows you to transact anywhere instantly at phenomenally low transaction fees. It is an easy-to-use interface for digital payments and is scaling up fast. DASH is the main customized token of this ecosystem.

Past Trends

On March 29, 2021, DASH started trading at $207.06. As of April 4, 2021, the closing price was $270.78. Thus, in the past week, the price has surged by approximately 31%. In the last 24 hours, DASH has traded between $226.71-$276.50.

DASH Price Analysis

https://www.tradingview.com/x/dF7CDvdI

Day-Ahead and Tomorrow

Currently, DASH is trading at $263.21. The price has decreased from the opening price of $270.79. Thus, the market looks bearish.

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The A/D line is upward sloping. Thus, whale accumulations are higher than whale distributions. Hence, buying pressures are high. We can expect the price to rise soon as there is positive divergence here.

The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Hence, the overall market momentum is bearish. Thus, we can expect the price to drop further.

The RSI indicator is currently at 40%. It faced a bearish swing rejection at 60% and fell to the current level. Thus, selling pressures are high. Hence, we can expect the price to fall further.

DASH Technical Analysis

As per technical analysis, the price may soon fall below the Fibonacci pivot point of $258. As most of the oscillators have given bearish signals, we can expect the price to fall below the first support level of $239 soon.

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The price has tested and fallen below the 23.6% FIB retracement level of $264.75. It may soon fall below the 38.2% FIB retracement level of $257.48. If the price fails to retest and break out of these levels by day close, then probably a downtrend has set in. In that case, the bearish trend will continue tomorrow as well.

#Dash
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.