Dash Looks Likely to Face Increased Bearish Pressure in March

Dash has been among the most popular cryptocurrencies quite some time, even coming out of the 2018 market crash relatively unscathed, maintaining its position within the top 15 cryptocurrencies by market cap.

The last week has been particularly good for Dash and all cryptocurrencies in general, with Dash climbing from $79 up to $94 today. Unfortunately, it was unable to maintain this price and quickly fell down below the $92.7 resistance line as sentiment waned.

Another fakeout happened on March 13, where bulls attempted to break the resistance line but failed to do so. Overall Dash is still in an uptrend but bulls are definitely facing strong resistance in the short term. Bearish pressure seems to be mounting up and we are very likely going to see a re-test of the 76.7% support line.

Looking at the chart above we can see the RSI is slightly overextended, which also contributes to the bearish pressure, the most likely scenario for this week and perhaps the next is going to be an equilibrium pattern, indicated with the blue arrows. This is the case with many other cryptocurrencies including Ethereum in mid-March.

Dash was also recently featured on the Japanese news, which although probably won’t affect the price too much, is always a good sign that the project is getting the recognition it needs to continue growing.

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