DASH Technical Analysis – DASH Support in Crypto Reversal – 10/04/18A particularly volatile start to the week saw DASH slide 4.39%, partially reversing Sunday’s 6.17% gain, to end the day at $300.1.
- DASH slid 4.39% on Monday, partially reversing Sunday’s 6.17% gain, to end the day at $300.1.
- An early intraday high $323.1 broke through the day’s first major resistance level of $320.86, before testing major support levels in the late morning and afternoon.
- DASH closed out the day below the day’s first major support level of $302.03, supporting the longer term bearish trend formed at 24th March’s swing hi $460.
DASH Price Support
The weekend rally continued through the early part of Monday, with DASH rallying to an early intraday high $323.1, breaking through the day’s 1st major resistance level of $320.86 and to within touching distance of the 23.6% FIB Retracement Level of $324 before a broad market reversal in the late part of the morning saw DASH fall from $322 levels to sub-$300 levels in just a few hours.
A slide through to a middle of the day $298.3 saw DASH slide through the day’s 1st major support level of $302.03 with relative ease, with support lacking through the afternoon, leading DASH to an intraday low $292.32, holding just above the 2nd support level of $289.66 before recovering to $300 levels by the close.
A short-term bullish trend, formed through the weekend, reversed on Monday, with DASH ending the day a below the 1st major support level, affirming the longer-term bearish trend formed at 24th March’s swing hi $460.
While the longer-term bearish trend remains intact, the good news for the bulls was a that DASH was able to recover to $300 levels by the close and that the day’s intraday low held above the 6th April swing lo $282.11.
The moves through the day were mirrored across the crypto majors, with the sell-off being attributed to the U.S tax season deadline of mid-April, though continued concerns over the imminent rollout of new regulations will also be a consideration for the market.
At the time of writing, DASH was down 0.32% to $296.08, with DASH has bucked the trend in the early part of the morning, moving through to an intraday high $301.319 before pulling back to a $296.079 low at the time of writing, with broader market sentiment continues to be bearish following Monday’s late morning reversal.
With the day’s first major support and resistance levels, direction will likely come from the broader market, with any move back through to $300 levels supporting a bullish run in the afternoon that would bring the day’s first major resistance level of $318 into play, in a reversal of Monday’s slide, while the 23.6% FIB Retracement Level of $324 will likely remain out of reach for the day.
Failure to break back through to $300 levels would support a continuation of the bearish trend, support at sub-$300 levels in play this morning, with DASH taking its cues from the rest of the majors, Stellar’s Lumen the only exception at the time of writing.
Looking at the Technical Indicators
- Major Support Level: $287.25
- Major Resistance Level: $318.03
- Fib 23.6% Retracement Level: $324
- Fib 38% Retracement Level: $350
- Fib 62% Retracement Level: $393