Market Overview: Dash/Tether (DASHUSDT) – 24-Hour Technical Summary

Summary
• Price fell sharply from $40.05 to a low of $37.35 before retracing to close near $37.84.
• Momentum weakened with RSI dipping below 30, suggesting oversold conditions.
• Volatility expanded notably during the session, with volume peaking at 12,434.114 at 4:00 AM ET.
• A bearish engulfing pattern formed at the high of the session, followed by a long lower shadow near the session low.
• Key support at $37.80–37.84 and resistance at $38.27–38.30 were tested and retested multiple times.

Dash/Tether (DASHUSDT) opened at $39.39 on December 17 at 12:00 ET, hit a high of $40.05, fell to a low of $37.35, and closed at $37.84 by 12:00 ET on December 18. Total volume reached 46,427.749, with a notional turnover of approximately $1,719,095.

Structure & Formations

Price action displayed a strong bearish impulse with a sharp drop from $40.05 to $37.35, followed by a consolidation phase in the $37.60–38.35 range. A bearish engulfing candle formed early in the session after a short rally from $39.39 to $40.00, signaling a shift in momentum. Later, a long lower shadow developed near $37.35 as price tried to retrace but failed to hold above $37.60. Key support levels at $37.80 and $37.60 provided temporary relief, while resistance at $38.27–38.30 was repeatedly tested but not decisively taken.

Moving Averages

On the 5-minute chart, price spent much of the session below both the 20SMA and 50SMA, which flattened during the consolidation phase. The daily chart shows the 50DMA at ~$38.45, 100DMA at ~$38.80, and 200DMA at ~$39.20. Price remains below all key daily moving averages, suggesting a bearish bias in the medium term.

MACD & RSI

MACD turned bearish with a negative crossover during the early sell-off and remained bearish for most of the session, though it showed some divergence with price during the consolidation. RSI dropped to 28 near the session low, indicating oversold conditions, and has since rebounded toward the mid-30s. This suggests there may be some near-term buying interest, but momentum remains weak.

Bollinger Bands

Volatility expanded significantly during the sell-off, pushing price to the lower band at $37.35. In the consolidation phase, price stayed within the bands, occasionally testing the upper band around $38.30. The widening and then narrowing of the bands suggest a possible short-term reversal could be in the works, though trend continuation is not ruled out.

Volume & Turnover

Volume surged during the initial sell-off and again during the retracement attempt. The highest volume candle occurred at 4:00 AM ET, with 12,434.114 units traded as price fell from $38.02 to $37.43. Turnover also increased during this period, confirming the bearish move. Later volume was lower, suggesting reduced conviction in the short-term trend.

Fibonacci Retracements

Applying Fibonacci to the key 5-minute swing from $37.35 to $38.34, the 38.2% level at $37.75 and the 50% level at $37.84 align with the consolidation area. Daily-level Fibonacci from the recent swing high to the swing low shows the 61.8% level at $37.67, which price tested briefly before stabilizing. These levels may serve as short-term support or resistance.

The market appears to be in a consolidation phase after a strong bearish move, with key levels providing temporary support and resistance. While oversold conditions may attract short-covering or buyers, the bearish bias remains intact. Investors should watch the 37.60–37.80 range closely in the next 24 hours, as a break below could signal deeper weakness, while a rebound above $38.27 may indicate renewed buyer interest.