The cryptocurrency fell below the support level on our 23.6% Fibonacci retracement at $120.2 last week after 14 day consolidation period, the pair finally broke out and we would expect the downtrend to continue in the short term, but there could be strong support at $98 to hold the loss and potentially enter an uptrend
The Bollinger bands are wide and continue to open up at the edges, particularly the bottom band, we would likely have higher volatility in the upcoming trading sessions and possibly a bigger loss if the lower band continues expanding, if it starts to close up, it could act as a strong support level for Dash.
The relative strength index is at 42% which will allow the pair to continue moving downwards in the short to mid-term, once it gets closer to or below 30% we could see the price climb a few steps as it will be oversold and investors might be attracted by the low price of the asset. Our parabolic SAR suggests that the price will continue to drop in the short term.
The short and long-term moving averages are above the current price line, also suggesting that the price will continue to move downwards.
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