DASH Price Analysis: DASH/USD Trading Inside a Horizontal Channel

At the time of writing, the DASH price was trading close to $150. Below, we are going to analyze the price of DASH in different time-frames alongside technical indicators in order to try and predict its future movement.

DASH: Trends And Highlights For June 12

• DASH/USD reached a low on June 5.
• It is trading inside a horizontal channel.
• There is a short-term bearish divergence developing in the RSI.
• The 10- and 20-day moving averages have made a bearish cross.
• There is support near $132.

DASH Price Inside A Horizontal Channel

On June 5, the price of DASH reached a low of $140.2 A gradual increase followed. The price reached a high of $152.8 on June 7. Since then, the price has been trading inside the horizontal channel outlined below: Both the resistance and support lines have been touched three times. The price made an unsuccessful attempt at a breakout on June 11. At the time of writing, it is in the process of making another attempt. Will this one be successful? Let’s take a look at technical indicators and try to answer this question.

DASH Price: Technical Indicators

The use of the RSI supports a price drop towards the support line of the channel. However, it is only occurring in short-term time frames. The use of daily moving averages also gives a bearish outlook: On June 6 the 10-day MA crossed below the 20-day one. This is known as a bearish cross. Since then, the DASH price has been trading below both MAs. It is facing very close resistance from the 10-day one. At the time of writing, the current prices were slightly above the 10-day MA. However, we have not yet had a close above it. The use of these indicators supports a decrease towards the support line of the channel.

Reversal Areas

In case a breakdown occurs, one support area is traced for DASH/USD below: The closest support area is found near $132. If the DASH price breaks down from the channel, it is likely to provide a reversal.

Summary

The price of DASH reached a low on June 5 and has been increasing since. It is trading inside a horizontal channel. Both the short and long-term indicators give a bearish outlook. Price decreases towards the support line of the channel are expected. A breakdown is possible, although not necessarily in the short-term. Do you think the price of DASH will reach the support area outlined above? Let us know in the comments below. Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.