DASH bucked the trend in the early hours seeing red and it could be seen as an opportunity if the broader market rallies on
DASH fell by 1.62% on Sunday, partially reversing Saturday’s 4.95% rise, to end the day at $249.551.
A move in the early hours saw DASH hit an intraday high $260.91, falling short of the day’s first major resistance level at $261.24 and well short of the 23.6% FIB Retracement Level of $287, before pulling back to a morning low $250.91, the moves through the morning seeing DASH track the broader market.
Attempts at a recovery through the afternoon came up short of the early morning intraday high $260.91, DASH unable to break clear of $255 levels, with a late sell-off seeing DASH pullback to sub-$250 levels and an intraday low $246.311 before recovering to $249 levels by the day’s end.
In spite of the Sunday pullback, DASH gained 8.14% in the week, though the moves were not enough to begin a bearish trend reversal, with DASH continuing to fall well short of the 23.6% FIB Retracement Level of $287, two runs through $287 having been short lived earlier in the month, selling pressure too great for DASH to breakout from $287 levels to take a run at $300 levels and the 38.2% FIB Retracement Level of $337. A breakout from $287 levels is going to be needed to see the formation of a bearish trend reversal set in.
At the time of writing, DASH was down 0.32% to $248.805 to buck the trend across the broader market that has enjoyed a solid start to the week.
An early rally through to a morning high $258.949 saw DASH come up against the day’s first major resistance level at $258.2 leading to a full reversal to sub-$250 levels, a start of a day morning low $247.09 steering clear of the first major support level at $243.61.
For the day ahead, a move back through $252 levels would support another run at the first major resistance level at $258.2 to bring $260 levels into play, with continued momentum across the broader market likely to provide DASH some much needed support in the morning.
Failure to move back through to $252 levels could see DASH take a bigger hit later in the day, with the day’s first major support level at $243.61 in play in the event of a sell-off, though we would expect DASH to recover the morning losses and track the broader market later in the morning.
Major Support Level: $243.61
Major Resistance Level: $258.20
Fib 23.6% Retracement Level: $287
Fib 38% Retracement Level: $337
Fib 62% Retracement Level: $418
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.