- DASH/USD slides under $70 breaking a two-day uptrend from the $60 support area.
- Dash price is facing drab technical levels as sellers increase their grip and presence, threatening a return to $60.
Dash price has been on a rollercoaster ride of some kind this week. A weekend retreat from Friday’s high at $79 found support at $60 aided by ascending channel support. A reversal ensued on Monday where DASH/USD briefly stepped above $70. The trading on Tuesday was mainly bullish with Dash price showing incredible stability around $70. However, the Asian session on Wednesday has recorded losses amounting to 3% from the opening value at $69.
DASH/USD is trading at $67.84 amid high volatility and a building bearish trend. The cryptos downside is supported by the ascending channel. The price is also trading above the moving averages in the hour range. The confluence formed by the SMA and the 100 SMA at $60 will function as a critical support area.
The RSI trajectory into the overbought region was cut short at $62. A downward motion puts emphasis on the growing bearish grip. Moreover, the Elliot Wave Oscillator shows that the selling pressure is taking over. If a reversal fails to occur above $70, Dash could continue to dive towards the support at $60. Meanwhile, it is essential that the channel support stays intact to give the buyers a chance to gather the strength to clear the resistance at $70 and focus on higher levels above $80.
DASH/USD 4-hour chart
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