DASH price analysis 17 May 2019; bearish trend for the near future

DASH price analysis 17 may 2019

DASH, much like every other cryptocurrency in the market right now, is on its way downwards due to a new bearish trend that was formed last night. The biggest fall was sighted when the price fell from $145 to $126 within just 40 minutes.

Due to such a bearish trend forming so quickly, new resistance levels and supporting price points needed to be quickly formed, and it is safe to say that DASH has managed to surpass at least two of them so far.

The major resistance levels will be met at:

  • $140
  • $150
  • $160

While the supporting prices will be at:

  • $136
  • $134
  • $132

The current price of DASH also does not promise too much for the short and medium terms. While sitting at one of the supporting prices, $134, it is still expected that meeting the $136 mark will be very hard. Once the $136 mark is met, which is expected to happen on Monday, the road towards $140 will be cleared, if Bitcoin‘s price growth allows it of course.

DASH 17 may chart

DASH chart by TradeView

Despite the fact that DASH is a majorly popular cryptocurrency in countries like Venezuela, it is still susceptible to the market sentiment, which is usually driven by BTC.

No amount of traded volume can protect pretty much any altcoin from being affected by the #1 crypto in the market. But there is still hope if the right measurements are made.

Should the $144 price point hold once it is reached, then the road towards the end of 2019 will most likely be upwards. But a fall towards the $120 mark is also expected if the $132 support price is reverted back to.

Even though traders are being very cautious of entering the market at these prices, the opportunities still remain the same. The weekend is bound to be relatively peaceful, ensuring the continuation of the bear trend or forming a frozen market. It is probably the best time to enter a position with Dash as Monday is sure to show some movement.

Giorgi Mikhelidze

Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

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