DASH Drops 31% to Test $55 Support Level
DASH corrected 31% from its $78.68 high, currently testing the critical $55 support zone after a 165% rally in three weeks.
DASH fell 31% from its local high of $78.68. The token is currently testing the $55 support zone. This correction follows a 165% rally that occurred in under three weeks. The price moved from a low of $29.62 on August 19 to the September 6 peak. According to GN markets/crypto (en-US), the coin hit a key supply zone at $80. It is now one of the notable losers in recent price action.
The rally originated near the $30 long-term support. The June local high at $38.38 flipped to support. The May local high at $52.13 is being retested as support. Multi-month resistance levels have been breached and flipped to support. This structural change suggests the upward trajectory remains intact despite the recent pullback.
Volume indicators show sustained buying pressure
The On-Balance Volume indicator has advanced steadily. This signals increased buying volume during the recent weeks. The Relative Strength Index shows bullish momentum on the daily timeframe. These metrics suggest underlying demand persists despite the price correction. A strong rebound from the $52 demand zone is likely.
Fibonacci levels map the potential downside path
Fibonacci retracement levels were plotted on the 4-hour chart. The $52.13 level aligns with the 61.8% retracement. A deeper drop to $45.85 remains possible. Traders should watch for a price dip below $52.87. A breakout past the $57.20 to $57.80 range signals continuation. Waiting for a sign of continuation is the safer bet.
