DASH Technical Analysis – Eyeing Support Levels – 04/12/18

It’s back in the red for DASH with sub-$80 levels in play should sentiment across the broader market fail to improve later in the day.
Bob Mason
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Key Highlights

  • DASH tumbled by 9.38% on Monday, following a 1.98% fall on Sunday, to end the day at $81.13.
  • Bearish through the day, DASH slid through the first major support level at $89.09 and second major support level at $86.23 to an intraday low $81.13 before finding support late in the day.
  • A start of a day opening intraday high $92 left the day’s first major resistance level at $95.47 untested.
  • The extended bearish trend, formed back at late April’s swing hi $547.97, was reaffirmed with DASH sitting well below the 23.6% FIB Retracement Level of $190.

How to Buy DASH

DASH Price Support

DASH slumped by 9.38% on Monday, following on from a 1.98% fall on Sunday, to end the day at $81.13.

Tracking the broader market, DASH slid to a late morning low $87.397, an early sell-off seeing DASH fall through the first major support level at $89.09 before finding support to hold on to $88 levels through the middle part of the day.

A second broad based sell-off ultimately weighed, with DASH sliding through the second major support level at $86.23 to an intraday low $81.13 before finding support to move back through to $83 levels by the day’s end.

For the bulls, the only positive was a hold on to $80 levels to avoid striking a new swing lo, with the negative bias across the cryptomarket persisting and showing little sign of easing off.

A Second consecutive day in the red, following last week’s new swing lo $79.643 reaffirmed the extended bearish trend formed back at late April’s swing hi $547.97, with DASH sitting some way off the 23.6% FIB Retracement Level of $190.

At the time of writing, DASH was down 1.41% to $82.20, with a bullish start to the day seeing DASH rise to a morning high $84.50 before pulling back to a morning low $81.995, the moves through the early morning leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through the morning high to $85 levels would signal a possible rebound later in the day, though DASH will need plenty of support from the broader market to bring the day’s first major resistance level at $89.87 into play, with the topside likely to be capped at $87.

Failure to move back through the morning high could see DASH take a bigger hit later in the day, with a pullback through the morning low $81.995 bringing sub-$80 levels and the day’s first major support level at $79.00 into play before any recovery, heavier losses a possibility should the market experience another broad based sell-off later in the day.

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Looking at the Technical Indicators

Major Support Level: $79.00

Major Resistance Level: $89.87

Fib 23.6% Retracement Level: $190

Fib 38% Retracement Level: $258

Fib 62% Retracement Level: $369

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