All crypto is struggling with the bears still dominating the markets.
- The DASH price has been moving sideways for quite some time on the daily price chart following a downtrend movement.
- The crypto asset is moving above the 20 and 50 days moving average.
- The DASH/BTC pair is at 0.002194 BTC with a loss of 1.95%.
After a downtrend movement the DASH price is trading inside a parallel channel of sideways trend for a long time over the daily price chart. The parallel channel is of resistance and support of $54.5 and $39.4 respectively. Currently we can observe that the DASH bulls are trying to push the price toward a breakout.
The bears are not ready to loosen their grip over the market and hence trying to push the price for a breakdown. If the bears registered a breakdown the coin may fall to a crucial support of $35 which will create a tough situation for the bulls to make the coin recover. So it is the time for the bulls to accumulate and make a successful breakout.
The price for one DASH coin is currently trading at $51.20 which is at an insignificant gain of 0.02% in its market capitalization in the last 24 hrs. The coin has a trading volume of 89 million with a loss of 9.05% over the intraday trading session and a market cap of 466 million. The volume market cap ratio is 0.1624.
Can DASH Bulls Register a Breakout?
Over the short term (4 hrs) chart we can observe the price falling amid the selling pressure over the coin this shows that the bears are getting stronger.
The MACD over the hourly chart shows the sellers signal line moving above the buyers line showing the active participation of the sellers in the market, on the other hand the movement of MACD is very uncertain over the daily price chart. The relative strength index is diving because of this seller’s domination over the short term and is neutral on the long term. The RSI value is below 55.
Conclusion
After a downtrend movement the DASH price is trading inside a parallel channel of sideways trend for a long time over the daily price chart. The bears are not ready to loosen their grip over the market and hence trying to push the price for a breakdown. So it is the time for the bulls to accumulate and make a successful breakout. The hourly price chart shows the bearish dominance and the technical indicator also shows the sellers domination.
Technical levels
Resistance levels: $54.5 and $59
Support levels: $39.4 and $35
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