- Dash coin forming an evening star pattern in the weekly time frame chart
- The DASH/BTC pair is trading at 0.004878 BTC with an intraday loss of 3.56%
- The 24hr trading volume in DASH token is 505.09Mn.
Dash coin tried to recover after the sudden fall, only to face strong resistance from the 200 EMA line in the daily time frame. The price has been rejected twice from this line, and now it pushed back to the support level of $150. The current situation price does not show any solid movement for either side, keeping the market scenario sideways.
Regarding the EMA, the Dash token is currently below all the vital EMA’s 20, 50, 100, 200, indicating a strong bearish trend, price is facing constant resistance from the 200 EMA, and with this, investors can see a bearish crossover of 20 and 200 adding more fuel to the bearish momentum.
The MACD indicator is trading below the neutral zone indicating the bearish momentum is in play. With this, even though there was a bullish crossover from the MACD line and signal line, both lines are still not showing any significant movement keeping the overall sentiment bearish.
Dash Coin Forming An Evening Star Pattern In Weekly Time Frame
In the weekly time frame, the Dash coins try to form evening star patterns. This pattern is a relatively strong bearish pattern as investors see that the previous two weeks’ candles showed long higher price rejection, indicating how mighty the bears are. If this pattern breaks, the $150 support price can fall to the $ 100 mark.
RSI( neutral) is currently at 50, indicating a neutral sentiment, though investors can see RSI is slowly moving lower and can soon enter the over-selling/bearish zone.
Conclusion: From the technical perspective, the overall trend is still bearish, and the price has not shown any significant move to change this view. Investors can see price is moving back to the support level of $150, and the behavior of price at this level will decide the further action. Investors looking for an excellent opportunity to add the Dash coin to their portfolio should wait for a price bounce from $150. This level shows a strong demand zone and can provide an excellent risk to reward ratio.