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Vikram
May 19, 2022
by Vikram

DASH Technical Analysis: Selling Increases Downfall possibility

DASH
DASH prices fail to sustain the bullish momentum resulting in an increased chance of a downtrend. Should you consider selling right now?

Key technical points:

  • DASH prices struggle to sustain above $50.

  • The RSI values showcase a bullish divergence.

  • The 24-hour trading volume of Dash is $136 Million. 

    • Past Performance of DASH

    DASH prices have maintained a falling trend since the start of April, resulting in a downfall of more than 60%. The descent breaches all the crucial EMAs and the psychological mark of $100 before taking support at $40. The increased buying pressure at the support level carries a positive reversal to retest the $60 mark.

    TradingView Chart

    DASH Technical Analysis 

    The reversal in DASH prices to the $60 level fails to sustain the increased buying pressure resulting in a revert to the psychological level of $50. Moreover, the increased selling pressure teases a potential fall under the barrier to reach the next support at $43.

    The downfall started after the failure to sustain above the $100 mark, avoided the bullish crossover, and restarted the falling trend in a bearish alignment. 

    With the 14-day SMA acting as dynamic resistance, the RSI value continues to decline and takes a dip in the oversold zone. But the recent reversal has brought an attempt to test the average line above the oversold line.

    It is believed that the MACD, as well as the signal line, are bound by only a few positive backtracking results in a decrease in the spread of bearish. Thus, the probability of a bullish crossover increases as investors anticipate an upcoming upward trend in positive histograms.

    In short, the DASH technical analysis depicts an increase in selling pressure ready to break $50.

    Upcoming Trend

    Currently, the DASH prices showcase a Doji candle forming above the $50 support level, but the increased selling pressure reflects a high probability of a downtrend. Hence, traders can expect a selling opportunity below $50 with a target of $43.

    Support Levels: $50 and $43

    Resistance Levels: $60 and $85

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    Dash DASH Token
    DASH Technical Analysis: Selling Increases Downfall possibility
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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