The month of May has been quite eventful for DASH, in fact, it was one of the few coins who managed to continue trading at an advantage by increasing more than 70% within just the month. Although there were some tumbles here and there.
Unfortunately, today can be considered as one such tumble as the coin is on its way down for a couple of hours now. The bear push has been stopped for now, but that didn’t stop the coin shedding $5 from its $160 starting price today.
As of now, nothing much can be said about tomorrow, as last week’s market pattern is expected to repeat. However, due to today’s small failure, new resistance and support levels have been formed.
DASH still has a long way to go before it reaches this month’s glory of $176 per coin, but before that, it needs to surpass the newly formed resistance level of $160, the price it fell since morning.
Should the coin break through that price, it should remain stable within the next week during the Wednesday bear.
For the bulls, however, it’s important to look at the support levels. If they are passed, then sitting tight will be the only option. As long as the $150 support level is not broken, the coin should still be buyable before Wednesday.
Overall, the $150 and the $160 price points will determine how the coin will perform at the end of next week, if it closes out this week with a disadvantage of $150, then it may drop as low as $130 on Wednesday, while $160 price point will guarantee relative stability.