DASH Price Analysis – January 7
Dash has started the downside correction after four consecutive days of growth.
Resistance levels: $66, $68, $70
Support levels: $44, $42, $40
From a technical point of view, DASH/USD has started a natural correction. The technical indicator RSI (14) on the daily chart has reversed to the downside from the 67-level, which is a signal for further decline. At the time of writing, DASH/USD is changing hands at $55.12, down over 2.87% since the beginning of the day but still trading above the 9-day and 21-day moving averages within the ascending channel.
However, it was only after the DASH coin reached $57.72 that it started moving in the downward direction. The correction above $60 is needed for the buyers to focus on the $65 resistance level. Besides, the support level of $50 will safeguard the path towards the resistance levels of $66, $68 and $70. Other key support levels to look out for include $44, $42 and $40.
Comparing with Bitcoin, DASH/BTC is bullish. The market movement formed an ascending channel on the chart. It is at the upper resistance line of the channel consolidating. The bears have started pushing the price down after the market opens today but if the bulls can stand firm, the price may likely hit the resistance levels at 0.0080 BTC and above.
However, looking at the current RSI (14) on the daily chart, it appeared that the bears are stepping back into the market. If the coin drops below the moving averages, DASH price may drop to the support levels of 0.0060 BTC and below, crossing the lower boundary of the channel.
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