Foreign media analysis suggests that DASH has been declining steadily after its previous rapid rise, falling another 13% in the last 24 hours and currently approaching the key support area around $29. If this level is breached, the recent gains could be further erased, and the market's next focus will shift to lower support levels.
The $29 level has become the short-term focus.
The report points out that $29.63 is a crucial level in the current price structure, very close to the more sensitive $28 mark. If the price breaks below this area and further weakness is confirmed, the bears could continue to extend their advantage.
According to the analysis in the article, if the support level is effectively broken, DASH may fall to around $23. Another possibility is that the price will temporarily fluctuate between $29 and $37, entering a short-term consolidation phase.
Momentum indicators are bearish.
Foreign media reports indicate that multiple momentum indicators currently suggest sellers still have the upper hand. Firstly, the Parabolic SAR indicator is currently above the price level, which is generally considered a signal of a continuation of the downward trend.
Secondly, the Chaikin Money Flow has fallen to a negative value, with a reading of -0.10, indicating that selling volume dominates the market and the flow of funds is suppressing price performance.
Perpetual contract data weakened
Data from the derivatives market also reinforces this assessment. Reports indicate that the funding rate for DASH perpetual contracts has fallen to -0.0726%, meaning that current contract positions are more significantly biased towards the short side.
The article cites data showing that open interest in DASH perpetual contracts is approximately $41.71 million. In the past 24 hours, long positions were liquidated for approximately $698,000, significantly higher than the $39,600 in short positions, reflecting greater pressure on long positions during the decline.
Overall, foreign media believe that DASH is currently in a critical support testing phase. Weakening spot prices, negative funding rates, and increased long liquidation all indicate that short-term downside risks remain rising.
