It's a positive start to the day for DASH, with support from the broader market kicking in early. A hold onto $71 levels will be key early on.
DASH rallied by 2.52% on Tuesday, following on from a non-eventful 0.02% gain on Monday, to end the day at $70.6.
Tracking the broader market through the morning, DASH slid to a late morning intraday low $67.23, the reversal seeing DASH fall through the first major support level at $67.68 before finding support from the broader market.
A late morning rebound saw DASH move back through to $70 levels by mid-day. An afternoon rally saw DASH break through the first major resistance level at $69.47 and second major resistance level at $70.35 to strike a late afternoon intraday high $71.53 before easing back to $70 levels by the day’s end.
The extended bearish trend remained firmly intact, in spite of Tuesday’s gains that barely made a dent into 2 consecutive weeks in the red, with DASH continuing to fall well short of the 23.6% FIB of $172 following the 15th December new swing lo $56.214.
At the time of writing, DASH was up 0.61% to $71.03, with moves through the early morning seeing DASH recover from an early morning low $70.58 to strike a morning high $71.34 before easing back, the major support and resistance left untested early on.
For the day ahead, a hold onto $71 levels through the morning would support a breakout to $72 to levels to bring the first major resistance level at $72.34 into play before any pullback, $73 levels and the second major resistance level at $74.09 unlikely to be in play barring a broad based crypto rally later in the day.
Failure to hold onto $71 levels could see DASH hit reverse later in the day, with a pullback through the morning low $70.58 bringing sub-$70 levels and the first major support level at $68.05 into play before any recovery.
We would expect DASH to avoid the second major support level at $65.49, with $67 levels likely to be as bad as it will get in the event of a sell-off.
Major Support Level: $68.05
Major Resistance Level: $72.34
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.