DASH Technical Analysis: The Trend Of Sellers Has Persisted
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However, now in the weekly timeframe, we see a disappointing situation. During the trading week on 4 April, sellers completely absorbed the weekly candle of 21 March. It is worth noting that the weekly candle of 21 March was closed on a large scale. It took sellers much less effort to completely offset the efforts of buyers. This indicates the unwillingness of buyers to keep the price in this range. In this case, the probability of the DASH wave continuing to fall to $88 is extremely high. The main problem is that the $88 mark can only be the first target on the way to the $68 global target. To fully confirm this scenario, sellers should take control of a local critical point. Which one? we will consider this in more detail on a daily timeframe.
Technical Analysis Of DASH On The Daily Timeframe
Analyzing the movement of the DASH price on the daily timeframe, we see that the situation for buyers is critical, but not lost. The DASH price approached the lower trend line of the local growth trend. As long as buyers control the $113 range, the probability of continuing the trend and trying again to break the $148 range is high. But, the loss of the $113 mark and the price-fixing below it will indicate the end of the buyers' initiative. In this case, a fall of the DASH price by 20% is inevitable and you should lose your investment so as not to freeze capital.
The importance of the $113 range is also confirmed by the daily candles on 20 and 21 March. In fact, these two days saw a critical volume of buyers for the entire growth trend, starting from 7 March. And it was during these two days (20-21 March) that the price hit the $113 mark and was fixed above it.
So far, the fall in the DASH price is not average and by the end of the week market participants must decide to relate and understand the direction of medium-term DASH price movement.
DASHBTC Price Has Gone Beyond The Consolidation Wedge
Breaking buyers' global wedge up has not yet provoked a strong impulse for growth. Buyers' efforts ended at around 0.0033. This local mark means nothing in the global perspective. Therefore, keeping the mark of 0.0025 by buyers will allow forming a new local growth wave with the first important target of 0.0037. If the upward push of the wedges by buyers indicated a local weakness of sellers, then taking control of the mark of 0.0037 will indicate a global weakness.
Therefore, the situation in the DASH market remains unstable, but with a chance to end the fall wave from May. The fall of the BTC price brings a lot of destabilization. Keeping the $42,500 mark will be a positive signal for the entire crypto market, including the DASH cryptocurrency.