Cryptocurrency
by Ani Mazanashvili on December 10, 2018

Dash Analysis – the future looks gloom for the cryptocurrency

During the second week of September, it looked like Dash would start to make some gains, but the technical analysis pointed out a strong barrier in the form of resistance on $220. Although there was a buy signal, we advised against making any big decisions as long as the price remained below that resistance. If there was a breakout, it would give a definite sign of selling but the chances of a bearish bounce were present as well.

Dash Analysis - the future looks gloom for the cryptocurrency

The price continued to move sideways without breaking the resistance line until the middle of November when the price started to trace out a symmetric triangle pattern shown on the graph above with red lines. As the price breached the lower line of the triangle, it dropped sharply by over 50%. Although there was an attempt at reversal, it wasn’t a strong one and looked like a mild correction. As long as the price of Dash remains below the resistance line shown in orange, we will continue to hold a negative outlook on its future movements.

By Ani Mazanashvili

Ani is our assistant content manager. She makes sure that all the articles we write on InsideTrade are clear, concise, and easy to understand for our visitors. Thanks to her experience in the financial markets over the last year, she also reports on interesting stories as well.

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