DASH Technical Analysis – DASH Tests Support Again 16/03/2018

Key Highlights

• DASH slipped 1.97% on Thursday, following Wednesday’s 13.2% slide.
• The bearish trend has remained intact since Monday’s swing hi $548.
• Thursday’s intraday high $433.09 fell short of the day’s 1^st major resistance level, while support levels were tested.

How to Buy DASH: The Complete Guide

DASH’s Price Support

DASH slipped 1.97% against the Dollar on Thursday, following Wednesday’s 13.2% slide, with DASH investors being tested through the morning, an early intraday low $389.1 falling through the day’s first major support level of $394.09.

In spite of the market reaction to the news wires on Wednesday, support kicked in with DASH able to recover to $400 levels in the late morning, though sub-$400 support levels were tested in the middle part of the day.

Thursday’s intraday high $433.09 fell short of major resistance levels and hovered below the day’s 23.6% FIB Retracement Level of $445, allowing DASH to avoid any late in the day sell-offs to end the day at $416.13.

Things could have been far worse when considering the day’s low, with investor appetite defying talk of the cryptomarket being a bubble.

At the time of writing, DASH was down 0.77% to $412.789 against the Dollar, with the majority of the cryptos in the red through the early part of the day.

There was a moment of panic early on, with DASH hitting an intraday low $371.2, sliding through the day’s first major support level of $392.46 to test the day’s 2^nd support level of $368.8, before bouncing back to $400 levels.

The bounce back should provide investors with some comfort through the middle part of the day, with DASH needing to make a move through the day’s 23.8% FIB Retracement Level of $426.6 to have a chance at reversing some of the week’s losses and test the day’s first major resistance level of $436.

Failure to move through to $420 levels will likely add further pressure on DASH through the latter part of the day, with a pullback through today’s intraday low a possibility, should investor sentiment across the cryptomarket remain skewed to the negative.

For now, the bearish trend remains intact, with DASH’s slide from Monday’s swing hi $548 yet to show any signs of reversing.

We will expect Bitcoin to provide direction for the majority of the majors through the afternoon, with the cryptomarket likely to be keeping a close eye on the news wires for any more negative chatter that could lead to another sell-off.

Looking at the Technical Indicators

Major Support Level: $392.46

Major Resistance Level: $436.45

Fib 23.6% Retracement Level: $426.6

Fib 38% Retracement Level: $449.8

Fib 62% Retracement Level: $487.3