The DASH digital currency hit a high of 0.017 on the 22nd of January, but price has slid to a low of 0.009 in the space of five days. The 4-hour chart is now showing a Head & Shoulders formation. The right shoulder still hasn’t formed fully yet – price would have to rise to 0.013 and then drop to complete it – but the setup is there.
The lower low – which was printed on the chart when price hit 0.009 on the 25th – is another technical confirmation that the uptrend might be coming to an end.
There is also a big support area at 0.0096. This level has acted as support on four occasions this month, so this is a very important technical area. If price can manage to close under 0.0096, this level will most likely then turn into resistance, and the probability for a large sell-off increases substantially in such a scenario!
Disclaimer: This is not trading/investment advice!
Chart source: https://poloniex.com/exchange#btc_dash
If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
TRON ended November as the top blockchain by fees, extending its dominance in payment infrastructure…
Prediction markets just locked in another breakout month. November closed with $14.3 billion in total…
Trust Wallet is stepping into a completely new lane. The CZ-owned self-custody wallet has launched…
Kraken has announced the acquisition of Backed, the tokenization platform behind some of the fastest-growing…
Sui Pauses & AVAX Rebounds While Zero Knowledge Proof’s 200M Daily Presale Auction Goes Live,…
Europe just shut down one of crypto’s longest-running shadows. Germany and Switzerland, backed by Europol,…