The pair of Dash and the US Dollar has declined from its 2020 peak to test a new price. The new price is $90.
This drop has happened in the midst of a tensed selling activity. The main bulls for this coin must now pull above the declining trendline resistance. This is the only way it will be able to break the losing streak.
Biggest Gainers Of The Month
There were a few gainers in the January 2020 bull-run. In the list, Dash was among the top rated cryptos. In December, the coin was selling at a low price of $38. From that low, the price remarkably spiked to higher prices. This, in return, broke a number of barriers.
In 2020, the coin began at a new pace. It hit a high price of $144. This marked the close of the impressive bullish price action. Dash bears have been busy pushing a reversal below the declining trendline. This has been evident on the one-hour chart.
Testing New Price Supports
The Dash crypto even tested new price support at $90. This came after being unable to hold above the mark of $100 on the 19th of January 2020. The price, however, did not stay down for long. The crypto coin then corrected back to the levels that were slightly above the price of $100.
At the moment, things are not really bad. The coin is now trading at the price of $101. It has done this to clear the losses of 2.86% that it made on earlier.
50 SMA Now Capping The Downtrend Move
The 50 SMA is now capping the immediate downside. It is doing that at the price of $111. The support at $100 is expected to give in again, once more. In case that happens, the Dash bulls will have to make sure that the next support at the price of $90 holds no matter what it takes.
Dash, otherwise, could be on the way to breaking the levels below the $50. This can be as a result of the lack of credible and strong support zones.
Moving On The Right Track
Dash is one of the virtual coins that have optional privacy features and speed. It is built on a special network that is made up of both the privileged machines and regular miners. Just recently, the coin took advantage of a situation in Venezuela to grow.
Venezuela recently had an Internet shutdown. It later came out that two major coins spiked as a result of what happened in the country. The two coins were Dash and Bitcoin. Dash is just moving in the right direction.