DASH joins the majors in the red in the early hours. A move back through to $154 levels would signal a rally...
DASH fell by 0.51% on Monday. Following on from an 8.37% slide on Sunday, DASH ended the day at $154.47.
A bullish start to the day saw DASH rise to an early morning intraday high $160.9 before hitting reverse.
Falling well short of the first major resistance level at $166.92, DASH slid to a mid-afternoon intraday low $145.95.
The reversal saw DASH fall through the first major support level at $149.00.
Finding support late in the day, DASH broke back through the first major support level to $154 levels to limit the downside on the day.
Following a 51% gain in May DASH fell by 6.2% in June, with a bearish end to the month seeing DASH slide from a June high $187.65 to $150 levels. The reversal came after a recovery from a bearish start to the month that had seen DASH slide to a June low $135.1.
The extended bearish trend formed back at late April 2018’s swing hi $547.97, remained firmly intact following the late June pullback. DASH continued to fall short of the 23.6% FIB of $172 after having failed to take a run at the 38.2% FIB of $244.
At the time of writing, DASH was down by 2.29% to $150.94. A bearish start to the day saw DASH fall from a morning high $154.05 to a low $150.84 before steadying.
DASH left the major support and resistance levels untested early on.
A move back through to $154 levels would signal a possible rally later in the day. DASH would need the support of the broader market, however, to break out from $154 levels.
In the event of a broad-based market recovery, a move through to $158 levels would bring the first major resistance level at $161.6 into play.
Barring a broad-based crypto rally, the first major resistance level and Monday’s high $160.9 should limit any upside.
Failure to move through to $154 levels could see DASH slide deeper into the red. A fall through the morning low $150.84 would bring the first major support level at $146.65 into play.
Barring a crypto meltdown, DASH should steer clear of sub-$140 support levels on the day.
Major Support Level: $146.65
Major Resistance Level: $161.60
23.6% FIB Retracement Level: $172
38.2% FIB Retracement Level: $244
62% FIB Retracement Level: $360
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Thanks, Bob
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.