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.
The cryptocurrency market is in the crosshairs once again, an explosive price move in SkyAI…
Bitget officially launched pre-IPO access to OpenAI via its IPO Prime platform which deepens their…
Tether's presence in decentralized tech space is growing due to the launch of its developer…
While challenges remain, the decentralized finance sector is moving forward, and Huma Finance's exploit serves…
Chainlink is continuing its mission to be the most widely integrated infrastructure in crypto, adding…
A vulnerability in one of the core DeFi protocols on Sui Network exposes the ecosystem…