DASH/USD pair has showcased a bearish performance over that last five days. The popular altcoin has suppressed the bullish rain and has down surged by 2.69%. Thus, it is currently trading at $69.834, which makes DASH one of the poor performing cryptocurrencies over the week, which also shows a high increase in selling demand, maybe due to the reducing confidence of the coin by traders. The altcoin is now ranked at the 22nd position with a circulating supply of 9,104,446 coins and a market cap of $636,491,764 at the moment.
DASH/USD Medium-Term Trend: Bearish
The famous cryptocurrency has begun the session trading at $71.764, where it later fall sharply, thus testing the significant support level defined near $68.634. Starting from 13:00, the pair’s price took a short break as it faced hurdles below $70.176. At around 20:00, the momentum rose upside with a weekly low formed at $65.557. The pair’s price later embarked to a steady flow, which stood the current price at $69.834.
Generally, the DASH/USD pair has been hovering on a tight range between $72.764 resistance level and a $68.634 support level. Thereby a break below or above these levels may either start a new uptrend or resume the downside momentum.
Currently, both moving averages are converging and likely to poise to a bearish crossover. The RSI is also seen beneath average, thus indicating a negative outlook. An upside break above $72.764 may start a new uptrend towards $80.000. However, if the sellers regroup and push the price lower immediate support is likely to be seen near $65.000.
Short-Term Trend: Bearish
On the intraday chart, the DASH/USD pair has declined by 0.5%, which confirmed that sellers are still dominating the momentum. However, the market began trading with a bullish move that shifted the price from $70.09 to a high of $71.40, but the bullishness didn’t last long due to intense bearish pressure. That aggressively dip the price down to trade at $69.72.
Besides, at the press time, there is an attempt to break below the support level $69.60, and if successfully further downside could be extended. Additionally, the long-term SMA is now trading above the short-term SMA, and the RSI is hovering below level 40, indicating a high increase in selling interest; thus, the price is likely to dig dipper in the near term. Investors should therefore, take a short position and place their targets near $68.00.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.