DASH Price 2024 Analysis: Bearish Signals Emerge as Key Levels Break

Despite a brief recovery, distributed ledger technology (DASH) faced rejection in the $40 supply zone and fell below key moving averages.

In the most recent sessions, the price of DASH experienced a breakdown, which occurred when it split the lower trendline of the rising channel. This caused the price to begin falling.

A death crossing was also seen, which is an indication of the pressure that is being applied to sell. In addition to that, it is possible that the price of DASH may continue its downward trend and fall to $25 during the session that follows.

The cost of distributed ledger technology (DASH) was able to reclaim its gains from the low point of $20 and advance into the supply zone over $35, which was beyond the 200-day exponential moving average level.

This was possible due to the market’s uncertainty during the period in question.

The price of DASH was unable to sustain its gains for a lengthy period within the supply zone of $40 over the month. Instead, it was treated to a severe rejection, which resulted in DASH dropping below the key moving averages. A bearish crossover was followed by the collapse of the channel, which was followed by the channel breaking down.

The fact that sellers have been leading the charge in strength and may continue to grow short holdings, putting pressure on bulls, was demonstrated by this additional piece of data.

The chart of distributed ledger technology, which is presently trading at $27.33 and has witnessed a decrease of 3.26% over the preceding day, demonstrates a downward tendency.

This trend can be observed on the chart today. The fact that the trade volume increased by 11.20 percent, reaching $40.51 million, is more evidence that profit booking is a phenomenon.

The entire market capitalization of the DASH/BTC pair is $316.80 million, while the exchange rate for the pair was reported as 0.000597 BTC each. The price of distributed ledger technology is expected to remain slow in the upcoming sessions, according to the opinion of observers inside the industry.

On Daily Charts, the DASH Indicator Displays a Trendline Breakdown

Throughout the most recent trading sessions, the price of DASH has seen a breakdown.

This breakdown took place when the price dropped below the critical moving averages that are represented on the daily charts.

A breakdown indicates an immediate support zone for the DASH coin close to $25. This zone may be retested shortly, as suggested by the breakdown.

At the same time, the swing from the higher high to the lower low was noted, which indicated that the trend was beginning to alter. The higher-high swing was reversed.

In addition, the relative strength index (RSI) exhibits a negative crossover, and the curve is heading toward the oversold region, which suggests that there is selling pressure on the charts. These findings imply that the market is currently experiencing a downward trend.

As a result of the MACD indicator displaying a bearish crossover and producing red bars on the histogram, the DASH currency may reveal underperformance in the sessions that are to follow. The occurrence of this is a possibility that could take place.

Exhibits of Rejection from the 50-Day Exponential Moving Average (EMA)

Using the weekly charts, the price of DASH demonstrated a sharp push by sellers from the 50-day exponential moving average level.

The bulls have lost their initial gains and are in a difficult position. Furthermore, the short-term trend shifted from being favorable to being neutral, and the price of DASH may continue to move closer to $25 in the sessions that are to come.