•DASH/USD is currently priced at $45.33 and has increased by 2.65% over the past 24 hours
•The trading volumes have reduced by 24.52% over the past day
•The technical indicators suggest bearish sentiment to prevail
Short Term View: Dash Coin likely to witness a price pullback
The Dash price today is $45.33 USD with a 24-hour trading volume of $81,805,618 USD. Dash is up 2.65% in the last 24 hours. The trading volumes have decreased by a significant proportion, suggesting decreased investor activity. The Volume to Market Cap Ratio, on the other hand, stands at 0.1658.
As a result of the market sell-off in the last couple of weeks, Dash price has plunged drastically but the altcoin has still been able to sustain above the strong support levels at $50 showcasing its assurance to keep up the bullish momentum intact. The support level has since been broken as the overall sentiment in the market is still bearish despite an increase in prices over the past day. Dash price is currently transacting below the 20, 50 SMA on the 4 hour chart, which reaffirms the weak sentiment prevailing in the market. The support lies at $40 for the altcoin in case of the continuation of the downtrend. On the other hand, a sustained break above this level could propel the cryptocurrency towards the $50 resistance level.
Long Term View for Dash Coin
Dash Coin is currently in the midst of a downtrend as the bearish momentum is demonstrated aptly by the technical indicators. The MACD indicator is showing that the MACD and signal lines are transacting deep into the negative zone, as the gap keeps widening between the two. The histograms have entered the negative territory, which suggests the selling pressure has intensified over the past few days and the bears are in full control of the proceedings.The RSI indicator, on the other hand, stands at 40.56 and is steadily heading towards the oversold region.
Conclusion
Dash prices have been in a downtrend for the past few days. Despite an increase in the prices seen over the past day for the coin,the overall momentum still remains overwhelmingly bearish. The increase in prices is yet to be validated with a similar increment in trading volume, which could go a long way towards arresting the slide that the altcoin currently finds itself in.
Support: $40
Resistance: $50
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
