- Dash price drops 10% while reversing from weekly top, following the biggest daily jump in 10 days.
- A firmer RSI, sustained trading beyond key moving averages, and seven-week support keep DASH buyers hopeful.
- The short-term descending channel highlights $47.70 as an extra challenge for bears before taking control.
- A broader bullish trend holds despite the latest pullback; a clear break of $84.00 is needed to increase yearly gains.
Dash (DASH) price takes offers to reverse the biggest daily jump in 10 days, down 10% on the day to $63.50 early Thursday morning in New York.
In doing so, the altcoin portrays a pullback from the week’s high while paring the weekly, the monthly, and the yearly gains within a multi-month triangle formation. That said, the four-hour chart portrays a descending trend channel formation to lure short-term sellers.
While a pullback in the market capitalization (market cap) joins the upbeat trading volume to validate the coin’s latest weakness, a multi-month support line and neutral conditions of the 14-day Relative Strength Index (RSI) challenge the DASH bears.
According to Santiment, the daily trading volume of Dash jumps to the highest since November 18, close to $350.92 million, while the market cap eases from a week’s top to $789.78 million at the latest.
Still, multiple support levels and the cryptocurrency market’s month-end positioning, especially amid optimistic views about the U.S. Federal Reserve’s December action, suggest limited downside room for the altcoin.
Also read: Cryptocurrency Weekly Price Prediction: BTC, ETH, and XRP Tumble on Fed Buzz; More Pain Ahead?
Dash Price: Daily Chart Teases Sellers
Dash’s latest weakness could be tied to its failure to provide a daily closing beyond the 61.8% Fibonacci retracement of the September-November rally, also known as the “Golden Fibonacci Ratio”, near $69.70.
However, an ascending support line from October 08, close to $57.00, and the neutral RSI conditions, close to the 50.00 threshold, could restrict the quote’s further downside.
In a case where the quote offers a daily close beneath $57.00, the 78.6% Fibonacci retracement of $47.80, the 100-day SMA of $44.10, and the 200-day SMA $33.00 will act as the final line of defense for the DASH bulls before handing over control to the bears.
On the contrary, Dash buyers need validation from the 61.8% Fibonacci ratio of $69.70, as well as the $70.00 threshold, to convince the traders.
Still, a convergence of a descending resistance line from early November and a 50% Fibonacci retracement, close to $85.10, will be a tough nut to crack for the DASH bulls.
Should Dash price rally beyond $85.10, the $100.00 psychological magnet and 23.6% Fibonacci retracement level of $119.40, as well as the $120.00 round figure, could lure the buyers ahead of the yearly peak of $150.12.
Dash Price: Four-Hour Chart Portrays Falling Channel
On the four-hour chart, the DASH takes a U-turn from the 200-bar SMA, close to $72.95 at the latest, within a three-week-old descending trend channel bearish chart formation.
However, the 14-day RSI indicator remains beyond 50.00, and the presence of $47.70 support confluence, comprising the stated channel’s lower line and 78.6% Fibonacci retracement of September-November upside, will make it harder for the bears to return.
Below that, the daily chart’s deeper levels will be in the spotlight.
Alternatively, a clear break of the 200-bar SMA of $72.95 will need validation from the bearish channel’s top, close to $87.90, to convince the DASH bulls.
That said, the altcoin’s sustained trading beyond $87.90 rejects the bearish chart formation, allowing buyers to aim for the daily chart’s higher levels.
Conclusion
Despite the stellar pullback in Dash price, the altcoin remains on the bull’s radar as it faces the weekly, monthly, and yearly gains, highlighting the latest retreat as a healthy consolidation rather than a trend-change signal.
Also read: Top 5 Fastest Growing Blockchains in 2025
