DASH Technical Analysis – Looking to Test Resistance Levels – 02/04/18

Key Highlights

• DASH slipped 3.76% on Sunday, following Saturday’s 1.98% fall, supporting a continued bearish trend.
• An intraday low $283.16 fell through the first major support level of $293.89, to test support at the 2^nd support level of $283.53
• An intraday high $310.2 fell short of the day’s first major resistance level of $320.91, affirming the bearish trend formed at 24^th March’s swing hi $460.

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DASH Price Support

DASH came under pressure through the weekend, with a broader market sell-off seeing DASH face selling pressure through Sunday morning, with DASH sliding through the day’s first major support level of $293.89 to an intraday low $283.16, with support kicking in at the 2^nd support level of $283.53.

The slide through the day came off the back of Saturday’s 1.98% fall, with the bearish trend formed at 24^th March’s swing hi $460 continuing to test investor sentiment going into the 2^nd quarter.

A rebound through the middle of the day saw DASH move through to an intraday high $310.2, falling short of the day’s first major resistance level of $320.91 and 23.6% FIB Retracement Level of $337.9, as investors looked to lock in profits ahead of what has become a customary end of day sell-off.

True to form, a late sell-off left DASH down at $292.4 by the end of the weekend.

DASH’s sub-$300 close was the first since early November’s start of a bullish trend that led to DASH reaching an all-time high $1,625 in mid-December.

Through the early part of this morning, market sentiment had improved, the majors in positive territory, with DASH up 3.48% to $300.602 at the time of writing, recovering from an early $287.18 low that came from a spillover from Sunday’s late in the day sell-off.

With the day’s first major support level left untested, a move through to a morning high $304.936 came within touching distance of the first major support level of $307.35, leading to a pullback to around the $300 psychological level that DASH has struggled to stay above through the last 24-hours.

For the day ahead, holding on to $300 levels will be key to supporting a move through to the 23.6% FIB Retracement Level of $324.9, though with plenty of resistance likely to be faced at the first major resistance level, sentiment across the broader market will need to remain upbeat, with the news wires on the quieter side.

Failure to hold on to $300 levels could see DASH test the first major support level of $280.31 later in the day, with some profit taking likely to limit any upside through the day, investors needing some positive news to hit the wires to allow a rally to gather steam.

Looking at the Technical Indicators

• Major Support Level: $280.31
• Major Resistance Level: $307.35
• Fib 23.6% Retracement Level: $324.89
• Fib 38% Retracement Level: $350.7
• Fib 62% Retracement Level: $392.5