- The Dash slips to $200 amid three black crow patterns.
- During the early European session, the DASH/USD is trading with a strong selling bias at $201, losing -3.50% so far.
- Forex trading participants may look for a sell trade below the $206 level to the point between $187 and $175.
During the early European session, the DASH/USD is trading strong selling bias at $201, losing -3.50% so far. The day before, the DASH/USD was closed at $208.30 after posting a high of $219.50 and a low of $203.10. DASH/USD turned flat throughout Thursday’s trading session after rising for the previous 2-sessions. The Dash slips to $200 amid three black crows patterns. If you are wondering what to expect and where to buy DASH, let’s find out below…
The recent depressing mood surrounding the cryptocurrency market amid the growing protests in El Salvador against the BTC law has put pressure on almost all cryptocurrencies, including Dash coin. The Dash coin increased during early trading hours but faced selling pressure during late trading hours and turned flat for the day.
The cryptocurrency reached its highest since September 7, the flash crash day when the Bitcoin Law was implemented in El Salvador. The reason for the widespread selling pressure on cryptocurrency has yet to be determined.
A Dip in Crypto Prices Triggers a Sell-off in Dash Coin
A sudden drop in Dashcoin could also be associated with the declining prices of bitcoin as the leading crypto faced selling pressure despite many favourable developments surrounding the ecosystem. The protests in El Salvador accelerated and picked up the heat when journalists and protestors set a Chivo-based kiosk on fire on Wednesday.
Protestors did not just stop there and started painting anti-BTC slogans and signs on BTC machines installed by the government to convert bitcoin into cash. All these tensions kept the whole crypto market mood depressing, and therefore, DASH/USD also suffered.
Furthermore, the increased demand for the U.S. dollar on Thursday added extra pressure on DASH/USD as both are negatively correlated. The U.S. dollar was high on board as investors became more optimistic that the Fed might mention some hints about tapering economic support in its upcoming policy meeting on September 21 and September 22.
Dash Price Prediction – Technical Levels
Support Resistance
201.10 217.50
193.90 226.70
184.70 233.90
Pivot Point: 210.30
Dash Slips to $200 amid Three Black Crows – Technical Analysis.
The Dash price prediction remains bearish below the 50-day EMA at $210. On the 4 hour timeframe, the DASH/USD has closed a candlestick pattern called “Three Black Crows”. Typically, this pattern drives a selling bias in the market.
On the bearish side, the Dash coin may find immediate support at the 187 level. This particular support level is being extended by a triple bottom level on the 4-hourly timeframes.
Furthermore, an additional breakout of the 187 level could extend further selling friends until the 174.03 level. On the higher side, the Dash coin will likely find an immediate resistance at 206.88, marking 23.6% Fibonacci retracement levels. Moreover, the breakout of the $206 level extends the buying trend until $218 and $228. Taking a look at the leading technical tool like Stocashtic RSI, the DASH/USD is in the oversold zone. While the 50-day moving average (EMA) extends the selling bias in the DASH/USD pair.
Thus, forex trading participants may look for a sell trade below the $206 level to the point of $187 and $175. Alternatively, we can order a buy limit at $187 to target $206 and $218 levels. All the best.
Where to Buy DASH/USD?
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