Despite the small gains on Dash today, the pair continues on a general downtrend. Dash fell below the $196.14 level on the 23.6% retracement.
The downtrend should continue as the relative strength index has not entered an oversold status, current RSI is at 40%. Many traders believe that cryptocurrencies will start a recovery and are trying to get in at a low price to capitalize; this would increase the price in the short term.
The Bollinger bands are closing up, which consolidates the downtrend, volatility will be lower in the upcoming sessions, the moving averages spread continues expanding, suggesting that the downtrend will continue.
If Dash continues climbing, it will likely find a support level at $196. If that happens, it will help the downtrend gather some more strength as the RSI will increase.
Our parabolic SAR indicator strengthens the short signals. The pair has been moving sideways for almost 12 sessions, and this indicates that there is uncertainty in the markets.
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