Dash price prediction remains bearish: Will the altcoin fall below $20?

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    Dash has stabilized the downtrend from April by forming a range since July.
    DASH was unable to flip the mid-range level to support and hold it.

As a seasoned researcher with a keen eye for market trends, I have observed that Dash [DASH] has been treading water within a narrow range since August, and it appears as though it might be time to brace ourselves for another dip below the $20 mark. The downturn in Bitcoin [BTC] has cast a bearish shadow over the entire market, and the momentum seems to be pushing DASH downwards.

For the last two months, Dash (DASH) has been confined within a specific price range. As per CoinMarketCap, its 24-hour trading volume was approximately $36 million. The recent price movements did not suggest an imminent change in trend

Based on the overall market mood, it appeared that people were generally pessimistic about Bitcoin (BTC) dipping below $60k. This temporary bearish trend might cause DASH to decrease in the near future

The range lows beckon

Dash price prediction remains bearish: Will the altcoin fall below $20?

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Starting from early August, DASH has been confined within a span ($21.85 to $28.64) on its price chart. On September 3rd, the middle point of this range at $25.26 was encountered as resistance, causing the bulls’ efforts to be unsuccessful

In simpler terms, the Capital Movement Factor (CMF) stood at -0.02, indicating no substantial inflow or outflow of capital. Contrastingly, the Moving Average Convergence Divergence (MACD) on the daily chart implied a downward momentum. This implies that previous low price ranges might be revisited

On a smaller time scale, the market setup aligns with this theory too, given the refusal at the $25 resistance area

Over the last two months, every time the price dipped back down to its lowest point, it briefly fell below $20. Traders should anticipate similar price swings if there’s another drop in value, so they might want to gear up for potential volatility

Hopes of a price recovery were dashed

Dash price prediction remains bearish: Will the altcoin fall below $20?
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Read Dash’s [DASH] Price Prediction 2024-25

As I analyzed the market trends during the last week of August, I noticed a shift in the trajectory of the Open Interest. Instead of continuing to climb, it started to decline. Similarly, the price trend that had been steadily increasing took a turn at the $27 mark and swiftly dropped down to $22

As an analyst, I noticed a shift in market behavior that suggested speculators weren’t fully convinced about continued growth. This observation, coupled with a dip in the CMF indicator, indicates a lack of immediate buying interest. Consequently, I anticipate potential further declines in DASH‘s value over the coming days

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2024-09-06 02:15