- DASH coin price is forming a downtrend on the daily timeframe, and currently it is resting in the long-term demand zone.
- The coin forms a symmetrical triangular pattern over an hourly period.
- The DASH/BTC pair is trading at 0.002186 with a -1.2% decline in the digital asset’s market cap over the past 24 hours.
The price of DASH coin is in a strong downtrend after breaking down the long-term demand zone and dropping the supply zone to $87.77 within a larger time frame. There seems to be hope for the recovery of the coin as it rests in the important long-term demand zone of $39.83. The piece began to train the bottom and lower thigh over a daily period. The coin fell after being rejected at the 50 and 100 EMA, and currently it is trading below the vital 50 and 100 EMA. DASH coin price is currently at 20 EMA after the false breakout of 50 EMA. The coin is trading in the middle of the Bollinger Band indicator after failing to break above the upper band of the Bollinger Band indicator. Investors should be careful not to go long until the $62.50 price level is broken. Volumes have increased over the past few trading days leading to increased volatility. Investors should therefore wait for the price to stabilize and then make trades.
MACD and Supertrend show bearish signs in the daily time frame
According to the price action, the price of the DASH coin is bearish as the coin has broken out of the long-term demand zone. Technical parameters suggest the same.
Supertrend: The recent decline in the price of the DASH coin led to the Supertrend indicator falling to $102, and the supertrend gave a sell signal. Since then, the coin has been in a strong downtrend. The coin is currently trading below the supertrend line, acting as resistance. If the coin bounces off the long-term demand zone, there may be an upward movement in the price of digital assets. If the coin cannot maintain the long-term demand zone above, it may continue the downtrend which may lower the price to $34.6.
Moving Average Convergence Divergence (Bullish): MACD indicates a bearish trend on the daily timeframe as it gives a negative crossover as the coin breaks down the demand zone. The buyer’s signal line (blue) has crossed the seller’s signal line (orange) on the downside, indicating a possible breakdown of the long-term supply zone at $39.82, which may lower the price of the coin up to $34.6 with strong momentum. The orange line jumped off the blue line, indicating possible bearish momentum for the days ahead.
DASH coin price forms a symmetrical triangle on the hourly time frame
The price of DASH coins is in a downward trend after being rejected in the supply zone, and currently it is resting in the long-term demand zone. The coin forms a symmetrical triangle as it reaches higher lows and faces rejection from the previous supply zone.
Average Directional Movement Index: The ADX has been steadily plunging over the past few trading days, and recently it slipped below 20 as the coin faced rejection at $43.50. The ADX curve is recovering, and it has currently trended upwards. Thus indicating a halt in price movement and a possible change in the pattern of price movement.
Relative strength indicator:RSI is trading at 42.66 as the coin forms a bullish reversal pattern on a daily time frame. The RSI curve approaches the 50 mark halfway through, and so once it crosses the 50 mark, the coin can be seen rising, possibly giving a breakout of the descending wedge pattern. The RSI curve has also approached the 50 SMA, indicating bullish momentum for the next trading days if it breaks above it.
The price of DASH coins, according to the price action, is showing bearish signs, and the technical parameters suggest the same. It remains to be seen whether the coin breaches the long-term supply zone of $43.6 and moves above it or faces rejection and falls again.
SUPPORT: $39.8 and $34.6
RESISTANCE: $43.6 and $63.1
The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.