DASH coughed up gains from the start of the day as the crypto bulls look to consolidate on Monday's gains, DASH having seen more modest gains than most on the day.
DASH gained 1% on Monday, following Sunday’s 0.42% fall, to end the day at $267.45.
It was a mixed day for DASH, with Sunday’s late reversal continuing on into Monday morning, leading DASH through the day’s first major support level at $260.62 and second major support level at $256.29 to an intraday low $250.8, the moves through the morning on the more bearish side relative to its peers.
An early afternoon broad based market rally saw DASH move through to an intraday high $267.26, which fell short of the day’s first major resistance level at $269.96 and more importantly, the 23.6% FIB Retracement Level of $312, to leave the extended bearish trend formed at 24th April’s swing hi $547.967 intact.
At the time of writing, DASH was down 0.54% to $263.46, the morning’s low, in what’s been a relatively choppy start to the day.
Moves through the beginning of the morning saw DASH rally to an intraday high $271.54 before pulling back to sub-$270 levels, the day’s high falling short of the first major resistance level at $272.88.
Failing to buck the broader market trend, the morning’s reversal saw DASH pull back to the morning $263.46 low, while DASH managed to avoid sub-$260 levels and the day’s first major support level at $256.41.
Hopes of a continued rally through the morning, following a modest gain on Monday, fell as the broader market eased its way into the red through the early hours.
For the day ahead, a move back through $268.50 would support a run back through to $270 levels, bringing the day’s first major resistance level at $272.88 into play, though investors will need to be confident that the broader market has managed to consolidate Monday’s gains through the early afternoon.
Failure to move back through $268.5 to $270 levels could see DASH take a hit later in the day, with the first major support level at $256.41 in play in the event of a reversal, while we would expect DASH to hold above Monday’s $250.8 low on the day.
The jury’s out on whether DASH and the cryptomarket has bottomed out, but for DASH to begin a bearish trend reversal, a move back through to $300 levels to take a run at the 23.6% FIB Retracement Level of $312 would be the first step.
Major Support Level: $256.41
Major Resistance Level: $272.88
Fib 23.6% Retracement Level: $312
Fib 38% Retracement Level: $357
Fib 62% Retracement Level: $430
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.