Advertisement
Advertisement

DASH Technical Analysis – Support Levels in Play –03/05/19

By:
Bob Mason
Published: May 3, 2019, 04:40 UTC

DASH sees red early on. Support from the broader market will need to kick for DASH to avoid a pullback.

Dash cryptocurrency coin

Key Highlights

  • DASH slipped by just 0.06% on Thursday. Following a 4.45% gain from Wednesday, DASH ended the day at $114.98.
  • A mid-morning intraday low $113.502 saw DASH steer clear of the first major support level at $110.35.
  • A late afternoon intraday high $116.08 saw DASH fall short of the first major resistance level at $118.83 before easing back.
  • The extended bearish trend, formed back at late April’s swing hi $547.97, remained firmly intact. 3 consecutive weeks in the red left DASH well below the 23.6% FIB Retracement Level of $172, following 15th December’s swing lo $56.214.

How to Buy DASH

DASH Price Support

DASH slipped by 0.06% on Thursday. Following a 4.45% rally on Wednesday, DASH ended the day at $114.98.

Bucking the trend from across the broader market, DASH slipped to a mid-morning intraday low $113.502 before finding support.

Holding well above the first major support level at $110.35, DASH recovered to a late afternoon intraday high $116.08. In spite of the afternoon moves, DASH came up short of the first major resistance level at $118.83.

A late pullback saw DASH ease back to $114 levels by the day’s end.

In spite of 9 weeks in the green out of the last 13, the extended bearish trend formed back at late April’s swing hi $547.97, remained firmly intact. DASH continued to sit well below the 23.6% FIB Retracement Level of $172 following mid-December’s swing lo $56.21.

For the bulls, 3 consecutive weeks in the green will have raised some red flags. While up by 48% year-to-date, DASH has fallen by 18% from a current year high $140.1 struck on 2nd April.

A move back through the current year high $140.1 will be needed to give the bulls a chance at reversing the extended bearish trend.

At the time of writing, DASH was down by 0.17% to $114.78. Bucking the trend from across the broader market, DASH slid to an early morning low $113.6 before finding support.

Calling on support from the first major support level at $113.62, DASH recovered to a morning high $115.17 before easing back. In spite of the bounce-back, DASH fell short of the first major resistance level at $116.21.

DASH/USD 03/05/19 Daily Chart

For the day ahead,

A move back through to $114.85 levels would support another run at $115 levels later in the day. Support from the broader market would need to kick in, however, for DASH to take a run at $116 levels.

Barring a broad-based crypto rally, DASH will likely fall short of the first major resistance level at $116.21. Thursday’s high $116.08 would pin DASH back from any trend-bucking breakout.

Failure to move back through to $114.85 levels could see DASH struggle through the day. A slide through the morning low $113.6 would bring $112 levels into play before any recovery.

Barring a crypto meltdown, however, DASH would likely steer clear of the second major support level at $112.27.

Looking at the Technical Indicators

Major Support Level: $113.62

Major Resistance Level: $116.21

23.6% FIB Retracement Level: $172

38.2% FIB Retracement Level: $244

62% FIB Retracement Level: $360

Please let us know what you think in the comments below

Thanks, Bob

About the Author

Bob Masonauthor

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.

Did you find this article useful?

Advertisement