After Bitcoin plunged more than 30% this week, other cryptocurrencies have been affected as well, such is the case for Dash which at some point today was down more than 64%. The price recovered some ground and is currently down 22.7%. Dash is now on a downward trend and there could be a good opportunity to take a long position.
The price has already retraced and it could break the 38.2% level in our Fibonacci very soon. The relative strength index of the pair is currently at 35% after it reached 10% on the one hour chart. This placed the cryptocurrency on an oversold status and since the pair trades below the Bollinger bands we can agree that the current price is relatively low. The bands are opening up aggressively which indicates that volatility should be higher for the upcoming sessions.
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