Dash Price Steps Down Over a Week; Consolidating Above Key Support Since Yesterday
- Dash coin is struggling for recovery after yesterday’s correction below $72.
- Dash price has broken below many key supports over the last one week; seems to have support near $70 at present.
- The lower high pattern indicates bearish sentiment, while technical indicators manifest mixed signals.
The crypto market has been under a tight grip of bears till at least a week ago. To the extent that, Bitcoin kept trading much below $9000 for the better part of October. However, in the last 10 days, the BTC price has shown a visible recovery as it reclaimed the price range above $9000. Resonating a similar vibe, Dash coin has also shown a strong rebound, though, it came back to square one after a hefty price drop against U.S.Dollar.
The weekly price chart of Dash shows major up-spikes above $74 for an initial couple of days. However, it traced a lower-high pattern before facing major rejection above $74. The rejection caused the coin to drop even below $72 and $71. At $70.21, the coin found a strong support level to trace a rebound. The rebound has managed to push the coin above $71 after a few price-moves above $72. Yesterday’s rise near $72.78 has corrected down on the same day, and today Dash price is consolidating near $71.30 at 05:43:09 UTC.
Dash to USD Price Chart
Dash has faced a strong resistance near the price range of $74, according to the chart. In the last few days, it has breached major support levels near $73 and $71. It is to be seen how long the coin takes to reclaim the price range above $74.
The technical picture of the coin appears a bit positive as MACD has just traced a bullish cross-over. RSI indicator is heading upwards while showing no extremities, as it has just moved above 50. However, the long-term SMA line (200-days) is above the short-term SMA line (50-days), noting the bearish impact over Dash. Check out our Dash Price Forecast to know more about the prediction of the coin by experts.
Notably, the price levels around $73.95 and $74.98 are to watch out for if it crosses the resistance near $72.69. Also, the coin may see support near $70.4, and $69.37 if a price drop takes place.