- Dash slides below $50 support and is likely to explore levels between $40 and $45.
- The upside is capped by the trendline resistance as well as the moving averages.
Dash has not been spared by the continuous bearish wave in the market this week. The descending trendline is forcing Bitcoin onto key support areas. For instance, possible support areas at $65, $60 and $55 caved in, and Dash culminated in losses below $50.
At the time of writing, Dash is trading at $49.22 after a 1.47% loss on the day. The downtrend is likely to continue towards $45 especially with the Relative Strength Index (RSI) crossing into the oversold. The bearish pressure is emphasized by the MACD’s bearish cross.
On the upside, the 50 SMA is in line to offer resistance at $51.23 while the 100 SMA will hinder growth at $52.023. The buyers must ensure that they reclaim the $50 support soon enough before the bears gain momentum, pushing Dash towards $45 and $40 respectively.
LTC/USD 2-hour chart
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