DASH Technical Analysis: May Soon Fall Below Support Level of $153.43

Dash is an open-source public blockchain network that enables instant digital money transfers at affordable costs. Users can move their digital currencies anytime, anywhere. Moreover, the Dashpay wallet is going to be launched soon. Thus, money transfers will become easier. DASH is the prime utility token of this ecosystem. The following DASH technical analysis will predict the price momentum for the next few days:

Past Performance

On Jun 5, 2021, DASH opened at $191.61. On Jun 11, 2021, DASH closed at $165.71. Thus, in the past week, the price has decreased by roughly 13.52%. In the last 24 hours, DASH has traded between $156.49-$165.69.

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Day-Ahead and Tomorrow

Currently, DASH is trading at $157.88. The price has decreased from the day’s opening price of $165.69. Thus, the market seems bearish.

The MACD line has already turned negative, while the signal line will turn negative soon. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to fall further.

Currently, the RSI indicator is at 44%. It faced rejection at 53% and fell to the current level. Hence, selling pressures are high. High offloading activity will push the DASH price further down.

Besides, the OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the price.

In short, all three oscillators have given bearish signals.

DASH Technical Analysis

Currently, the price is below the first Fibonacci pivot support level of $159.11. It may soon fall below the subsequent support levels of $156.94 and $153.43, respectively.

The price has tested and fallen below the 23.6% FIB retracement level of $158.66. The price may soon test and fall below the 23.6% FIB extension level of $154.32 as well. Thus, as of now, the bears seem strong. In that case, the price may continue to decline tomorrow as well.