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.
In a landmark decision that reshapes U.S. trade policy, the Supreme Court of the United…
The global stablecoin market is entering a new phase of recalibration as the circulating supply…
The tokenized equities sector is accelerating rapidly, and xStocks has now crossed a defining milestone:…
Coinbase-incubated Layer 2 network Base is entering a new phase of its development, moving toward…
Zora has officially launched its new “attention market” on the Solana blockchain, marking a bold…
The XRP Ledger has introduced a new on-chain trading framework that signals a notable shift…