DASH sees red early in the day, with the broader market needing to hold onto early gains to support a bounce back.
DASH rose by 3.01% on Thursday. Partially reversing a 4.13% slide from Wednesday, DASH ended the day at $66.464.
A relatively bullish day saw DASH rise from a start of a day intraday low $64.427 to a late in the day intraday high $66.659 before easing back.
Steering well clear of the first major support level at $63.321, DASH came within range of the first major resistance level at $66.701 before the pullback.
The extended bearish trend, formed at late April’s swing hi $547.967, remained firmly intact in spite of Thursday’s gains. DASH continues to fall well short of the 23.6% FIB of $172 following the 15th December new swing lo $56.214. Year-to-date, DASH was down by 14.4% to the end of Thursday, the losses coming off the back of last year’s whopping 92.5% collapse.
At the time of writing, DASH was down by 0.85% to $65.901. A bearish start to the day saw DASH fall from a morning high $66.483 to a low $65.901. The moves through the early morning left the day’s major support and resistance levels left untested.
For the day ahead, a hold above $65.85 would support a recovery later in the day, though the majors would need to hold onto positive territory for DASH to move into the green.
A recovery would see DASH move through to $66 levels to bring the first major resistance level at $67.273 into play before any pullback. We would DASH to come up short of $68 levels and the second major resistance level at $68.082 on the day.
Failure to hold above $65.85 levels could see DASH fall through the first major support level at $65.041 to bring $64 levels into play before any recovery. We would expect DASH to steer clear of sub-$64 support levels on the day, barring a broad-based crypto sell-off. A crypto sell-off could see DASH slide to $63 levels to call on the second major support level at $63.618 before any recovery.
Major Support Level: $65.041
Major Resistance Level: $67.273
Fib 23.6% Retracement Level: $172
Fib 38% Retracement Level: $244
Fib 62% Retracement Level: $360
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.