The Dash (DASH) price has reclaimed an important support level after briefly deviating below it.
While DASH/USD is expected to increase toward the resistance areas outlined below, the DASH/BTC pair is expected to continue decreasing.
DASH Reclaims Range Low
The DASH price has been trading in a range between $65 and $77 since the beginning of September. On Nov. 4, the price purportedly broke down below the support area, reaching a low of $62.14 only to reclaim the support area shortly afterwards, an occurrence that often leads to a significant move in the other direction.
Technical indicators are quite neutral, showing range trading conditions. The RSI is at 50 and the MACD is at the 0 line, while the Stochastic Oscillator is stuck between making or rejecting a bullish cross.
Therefore, while it is likely that the price will increase towards the resistance area, a breakout is not certain.
In the short-term, the price has broken out from a descending resistance line and validated it as support afterwards, before resuming its upward movement.
Technical indicators have begun to show some weakness, indicating an overbought trend, which could lead to a short-term decrease.
However, the price is expected to continue its upward movement afterwards, reaching the aforementioned resistance area.
Due to the lack of confirmation from technical indicators, a breakout cannot be confidently predicted.
Cryptocurrency trader @CryptoDonAlt tweeted a DASH/BTC chart, stating that the price has reached the capitulation phase and shows no signs of a bullish reversal.
Indeed, the DASH/BTC price has fallen below a crucial support level at ₿0.04 and has been decreasing since. Currently, the price is trading at its lowest levels since 2015.
There are no bullish reversal signs, even though both the RSI and MACD are heavily oversold. Furthermore, while there is wick support at ₿0.003, it is not inconceivable that the price could decrease all the way to ₿0.0012.
While the DASH/USD pair is trading in a range and heading towards the closest resistance at $77, the DASH/BTC pair has capitulated and is struggling to find support.
Disclaimer: Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.