Since breaking above the 0.012 pivot on the 10th of March, the 0.0128 price level has become a prominent technical zone. The 30-minute charts shows that since the 10th, 0.0128 has been used as resistance a total of five times. When the market finally broke above 0.0128 on the 12th, this level started to act as support. If the market slips underneath 0.0128 again, this area will probably turn into resistance again.
DASH hit a high of 0.0147 yesterday, but price was unable to stay above 0.014 for very long. So, why is the market having a hard time getting above the 0.014 area?
Actually, this level goes all the way back to July of 2015, when 0.014 was used as resistance on the 11th & 18th. The daily chart shows that the market got close to 0.014 on January 17, and spiked through 0.014 on January 22, but price was unable to actually close or stay above 0.014 for very long. The 0.014 area has acted as resistance about five times in the past 9 months. If the market can close and trade above 0.014 for about 24 hours, then 0.014 may turn into support, which in turn may set the stage for a bull market.
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.
Bitcoin is bleeding. The world's largest cryptocurrency plunged to $66,997 on Tuesday, shedding over $6,750…
Ripple is not pausing for breath. The company has brought its dollar-pegged stablecoin, $RLUSD, to…
Bitwise Asset Management has just made its first move into tokenized funds, and it comes…
Binance just made a move that blurs the line between crypto exchange and traditional brokerage…
NEAR Protocol has had a month that most blockchain projects would stretch across an entire…
Something is becoming increasingly clear about Chainlink, the integrations are not slowing down. The protocol…