DASH is on the move, though the bulls will need to hit $75 levels to get another rally going later in the day, else face some pullback.
DASH gained 0.42% on Wednesday, partially reversing a 3.35% gain on Tuesday, to end the day at $72.397.
Tracking the broader market through the day, DASH rallied to an early afternoon intraday high $80.095, breaking through the first major resistance level at $74.98 and second major resistance level at $77 to hit $80 levels, for the first time since 5th December, before easing back through the major resistance levels by the day’s end.
An intraday low $72.328, struck at the start of the day, saw DASH steer well clear of the first major support level at $69.01 on the day.
For the crypto bulls, Wednesday’s loss marked an end to four consecutive days in the green.
In spite of the recent upward momentum and Wednesday’s minor loss, the extended bearish trend remained intact, with DASH continuing to fall well short of the 23.6% FIB of $172 following the 6th December new swing lo $57.
At the time of writing, DASH was up 0.32% to $72.626, with a range bound start to the day seeing DASH rise from a start of a day morning low $71.7 to strike a morning high $73.028 before easing back, the day’s major support and resistance levels left untested early on.
For the day ahead, DASH would need to make a move through the morning high to hit $75 levels to signal another day of strong gains, a move through to $75 levels bringing the day’s first major resistance level at $77.55 into play. Following Wednesday’s return to $80 levels, DASH would need another broad based market rally to support a run at $80 levels, though we can expect plenty of resistance to pin DASH back from a breakout from $80 on the day.
Failure to move back through the morning high $73.028 to take a run at $75 levels could see DASH cough up some of the week’s gains, with a pullback through the morning low $71.7 likely to bring $70 levels and the day’s first major support level at $69.79 into play before any recovery. Heavier losses are not expected barring materially negative news hitting the wires.
Major Support Level: $69.79
Major Resistance Level: $77.55
Fib 23.6% Retracement Level: $172
Fib 38% Retracement Level: $244
Fib 62% Retracement Level: $360
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.