DASH price approaching $110 support, aiming for potential rebound

DASH Price Analysis – April 16

Highlights:

Since April opened, the DASH market has been following a bearish sentiment as the price slowly reaches close to support. As DASHBTC swings closely to the March rise level, a rebound is expected to push the price up. A break could lead to a significant drop. DASHUSD, however, falls slowly to $110 as the channel formation may follow a bullish breakout. 

DASH-USD Market

Key Levels:

Resistance levels: $133, $140, $150

Support levels: $110, $100, $90

Today, DASH appeared bearish on a medium-term outlook; following a falling channel formation with price action approaching the next support level at $110. Testing the support level, a rebound is expected to walk the bulls to $133 resistance level.

Before the decline began earlier this month, DASHUSD saw a price increase to a $140 high after a medium-term accumulation. The bigger picture is evident on the 4-hour MACD.

If volatility expands outside the channel, a bull-run is likely to meet resistance levels at $140 and $150 in a concurrent move. However, a bear-run could drop the price significantly to the bottom of $110, $100 and $90 support levels. Whichever way this goes, the price action still remains within the channel range.

DASH-BTC Market

In March, DASH recorded a low of 0.0223 BTC before experiencing a steady price increase which led the bulls to a peak of 0.029 BTC high. After the upside trend, the bear started to gain control of the market as price action neared the 0.0223 BTC support, where the rise point began in late March.

Obviously, a falling channel pattern is adopted by the sellers. In case the cryptocurrency falls below the aforementioned support, 0.0205 BTC support would be the next bear target. In the opposite direction, buyers may locate a quick resistance level at 0.025 BTC and above.

Viewing the 4-hour MACD, the bearish play is reflected at the negative zone of the indicator. Nevertheless, a bullish reversal is likely after retesting the March low.

Please note: Niffler.co is not a financial advisor and this article should not be treated as financial advice. However, you are welcome to apply this information on our simulated cryptocurrency exchange.