DASH price is making an extremely bearish engulfing candle after breaking a crucial support level on the daily timeframe. The long red candles represent the confidence of the sellers in the market. Though the bulls are attempting to make a positive recovery after forming a bullish doji candle near the $30 price point.
If the bulls succeed in making a recovery from the present price point the current scenario presents a profitable opportunity for them. The red engulfing candle is around 25% along with no resistance point in between hence the buyers may find it easier to make the recovery provided with sufficient support.
The price of DASH presently displays a bearish red candle which insinuates a substantial presence of sellers in the market. The price action suggests that the buyers are prepared to step into price action.
The current value of the DASH token is $30.17 and it has a market cap of $341.62 Million.
Investors Showing Bullish Optimism
According to the LunarCrush platform, a slight depreciation of 18.48% is observed in total bullish sentiment.
The average social dominance level is seeing an appreciation of 5.06%, suggesting that the community is beginning to take an interest in the token.
The 24-hour trading volume is observing a slight increase of 0.48%, indicating that buying and selling activity among investors is ramping up.
Technical Analysis of DASH Price on Daily Chart
The RSI line is currently trading close to an extremely oversold level after making a slight consolidation. The RSI line is moving near 24.24 points and the 14 SMA is providing resistance to it at around 32.55 points.
The stochastic RSI is moving to the initial stage of making a recovery. The %K line in stochastic RSI recently gave a positive interception to the %D line near the demand level. The present value of stochastic RSI is 9.67 points.
Conclusion
The price of DASH is currently making an extremely bearish engulfing candle. The RSI line and stochastic RSI are currently trading close to the oversold level. If the bulls succeed in making a recovery from the present price point, the current scenario presents a profitable opportunity for them.
Technical level:
Support – $1.100 and $1.000
Resistance – $1.500 and $2.000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/06/14/dash-price-prediction-red-engulfing-candle-harbinger-of-a-fall/