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Since reaching lows near $110 on May 11, 2019, the price of DASH (DASH) has been increasing. The increase has been relatively gradual. On June 26, the DASH price reached highs near $200.
However, a swift reversal ensued that took the DASH price close to $160.
Where will the price go to next? Below we will analyze the price of the altcoin in different time-frames alongside technical indicators in order to provide an answer.
For video analysis, please click below.
DASH/USD has been trading inside an ascending channel since reaching lows of $128 on May 16.
Both the resistance and support lines have been touched three times.
After touching the resistance line of the channel on June 26, the DASH price has been decreasing.
Below, we will take a look at some technical indicators and try to predict future price movement.
The recent price decrease was preceded by bearish divergence in the RSI.
At the time of writing, the DASH price was trading below both the 10- and 20- period moving averages — which have just made a bearish cross.
Both MAs are currently providing resistance to the price.
These short-term indicators support continued price decreases towards the support line of the channel.
However, longer-term indicators are still undecided.
In a daily time-frame, the price has similarly generated bearish divergence. This divergence, however, is more gradual and less significant in value.
Finally, the DASH price is currently trading between the 10- and 20-period MAs.
While the 10-day MA has slowly begun to decrease, the 20-day MA is still increasing and offering support to the price. However, a continued price decrease would likely cause long-term indicators to decrease and act in a similar manner to the short-term ones.
Since the massive decrease began in November 2018, the price of DASH has fully retraced to pre-crash levels.
However, it met resistance near $200 and began to decrease.
If the price eventually breaks down from the channel, a support level to keep an eye on will be found near $110.
This level is created by the lows at the end of April/beginning of May and the 0.618 Fibonacci level of the entire drop.
The price of DASH reached highs of nearly $200 before beginning to decrease.
It is currently trading inside an ascending channel.
The short-term technical indicators give a bearish outlook. The long-term ones are undecided but are leaning towards turning bearish.
If the DASH price breaks down from the channel, it is likely to find support near $110.
Do you think the price of DASH will break down from the wedge? 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.
Images are courtesy of Shutterstock, TradingView.
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