It's a bullish start to the day and a run at $69 levels is on the cards should DASH avoid sub-$68 through the morning.
DASH rose by 1.91% on Wednesday, reversing a 1.01% fall from Tuesday, to end the day at $67.94.
A relatively bearish start to the day saw DASH fall to a mid-morning intraday low $65.668. Steering clear of the first major support level at $65.03, DASH found support from the broader market to strike an early afternoon intraday high $68.81.
The late morning rally saw DASH break through the first major resistance level at $67.97 to hit $68 levels before a pullback to $67 levels. Negative sentiment across the broader market through the week was telling, with DASH pinned to sub-$70 levels by the day’s end for a 3rd consecutive day.
The extended bearish trend remained firmly intact, in spite of Tuesday’s gains that barely made a dent into 3 consecutive days in the red. DASH continues to fall well short of the 23.6% FIB of $172 following the 15th December new swing lo $56.214.
It’s been a bad start to the year for DASH and the broader market, with DASH down by 12.5% for the current month.
At the time of writing, DASH was up 0.84% to $68.51. Moves through the early morning saw DASH recover from a morning low $67.689 to strike a morning high $68.51. The rally saw DASH come up short of $69 levels and the first major resistance level at $69.278, whilst also steering clear of the first major support level at $66.136.
For the day ahead, a hold onto $68 levels would support a run at $69 levels to bring the first major resistance level at $69.278 into play. Barring a major crypto rally, we would expect DASH to continue falling short of $70 levels to leave the second major resistance level at $70.615 out of play on the day.
Failure to hold onto $68 levels could see DASH slide through $67.473 to bring $66 levels and the first major support level at $66.136 into play. We would expect DASH to avoid heavier losses on the day, in the event of a reversal, with the second major support level at $64.331 unlikely to be tested through the day.
Major Support Level: $66.14
Major Resistance Level: $69.28
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.