DASH Technical Analysis: Facing a Bearish Trend with $239
In the next technical analysis, Dash is an open-source protocol that allows you to transact anywhere instantly at phenomenally low transaction fees. It is an easy-to-use interface for digital payments and is scaling up fast. DASH is the main customized token of this ecosystem.
Past Trends
On March 29, 2021, DASH started trading at $207.06. As of April 4, 2021, the closing price was $270.78. Thus, in the past week, the price has surged by approximately 31%. In the last 24 hours, DASH has traded between $226.71-$276.50.
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Day-Ahead and Tomorrow
Currently, DASH is trading at $263.21. The price has decreased from the opening price of $270.79. Thus, the market looks bearish.
The A/D line is upward sloping. Thus, whale accumulations are higher than whale distributions. Hence, buying pressures are high. We can expect the price to rise soon as there is positive divergence here.
The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Hence, the overall market momentum is bearish. Thus, we can expect the price to drop further.
The RSI indicator is currently at 40%. It faced a bearish swing rejection at 60% and fell to the current level. Thus, selling pressures are high. Hence, we can expect the price to fall further.
DASH Technical Analysis
As per technical analysis, the price may soon fall below the Fibonacci pivot point of $258. As most of the oscillators have given bearish signals, we can expect the price to fall below the first support level of $239 soon.
The price has tested and fallen below the 23.6% FIB retracement level of $264.75. It may soon fall below the 38.2% FIB retracement level of $257.48. If the price fails to retest and break out of these levels by day close, then probably a downtrend has set in. In that case, the bearish trend will continue tomorrow as well.
