DASH takes a hit in the early hours to bring support levels into play as the bears look to take back control.
DASH fell by 1.22% on Monday, following Sunday’s 1.4% loss, to end the day at $235.09.
A recovery from a start of a day dip saw DASH move through to $240 levels with an intraday high $240, which came up short of the first major resistance level at $241.03, before a broad based cryptomarket sell-off kicked in.
DASH slid through the day’s first major support level at $236.04 and second major support level at $234.07 to an early afternoon intraday low $230.74, before finding much needed support at $230 to hold DASH above the third major support level at $229.08.
A cryptomarket rebound in the afternoon saw DASH bounce back through the second major support level at $234.07, whilst failing to hold above the first major support level at $236.04 by the day’s end, DASH easing back from a late afternoon recovery to $236.79.
The moves through the day reaffirmed the extended bearish trend formed back at 24th April’s swing hi $547.97, with DASH having tested resistance at the 23.6% FIB Retracement Level at $287 all too briefly on the 19th and 20th July, a breakout from the 23.6% FIB Retracement Level to $300 levels needed to support a bearish trend reversal.
At the time of writing, DASH was down 1.56% to $231.79, with DASH tracking the broader market through the early hours, sliding from a start of a day $235.09 high to a morning low $230.35, calling on support at the first major support level at $230.55 before moving back to $231 levels.
For the day ahead, a move back through to the morning high $235 would support a run at the first major resistance level at $239.81 to bring $240 levels into play, while falling well short of the 23.6% FIB Retracement Level of $287 will continue to support the extended bearish trend to leave pressure on DASH near-term.
Failure to move back through the morning high will likely see DASH taker a bigger hit later in the day, with a pullback through the first major support level at $230.55 likely to see sub-$230 levels come into play, the day’s second major support level at $226.02 in play later in the afternoon should sentiment across the broader market not improve through the late morning.
Major Support Level: $230.55
Major Resistance Level: $239.81
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.