DASH sees a bullish start to the day but faced resistance early to ease back. A break back through to $79 levels would give DASH a run at $80.
DASH rose by 0.94% on Sunday. Following on from a 0.18% gain on Saturday, DASH ended the day at $78.521.
Tracking the broader market through the morning, DASH rallied to a late morning intraday high $79.457 before hitting reverse. The morning rally saw DASH break through the first major resistance level at $78.9523.
Reversing through the late morning, DASH fell through the first major support level at $77.1523 to an intraday low $76.62.
Steering clear of the second major support level at $76.5047, DASH recovered to $78 levels late in the day, support coming from the broader cryptomarket.
A rally at the start of the week saw DASH breakthrough to $80 levels before easing back, with 3 consecutive days in the green at the end of the week delivering a 5.6% gain for the week.
The extended bearish trend, formed at late April’s swing hi $547.967, remained firmly intact in spite of the week’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 up 1.14%, a 2nd consecutive week in the green wiping out losses from earlier in the year.
At the time of writing, DASH was up 0.46% to $78.88. A choppy start to the day saw DASH rally to an early morning high $79.456 before sliding to a morning low $77.971. The early moves saw DASH come within range of the first major resistance level at $79.7787, whilst steering well clear of the major support levels.
For the day ahead, a move back through to $79 levels would give DASH another run at the first major resistance level at $79.7787. For a break-through to $80 levels, support from the broader market would be needed, with DASH needing to make a move early in the day for a sustainable rally.
Failure to move back through to $79 levels could see DASH hit reverse later in the day. A pullback through to sub-$78 levels would see DASH fall through the morning low $77.971 to sub-$77.5 levels before any recovery.
We would expect DASH to steer clear of sub-$77 levels and the first major support level at $76.9417 in the event of a reversal.
Major Support Level: $76.9417
Major Resistance Level: $79.7787
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.