Key Highlights
- DASH rallied by 5.38% on Tuesday. Reversing a 2.89% fall from Monday, DASH ended the day at $81.567.
- An early morning intraday low $77.36 saw DASH steer well clear of the first major support level at $76.10
- Rallying to an early afternoon intraday high $82.87, DASH broke through the first major resistance level at $79.68 and second major resistance level at $81.81.
- The extended bearish trend, formed back at late April’s swing hi $547.97, remained firmly intact. In spite of a 4th consecutive week in the green, DASH continued to sit well below the 23.6% FIB Retracement Level of $172, following 15th December’s swing lo $56.214.
DASH Price Resistance
DASH rallied by 5.38% on Tuesday. Reversing a 2.89% fall from Monday, DASH ending the day at $81.567.
A start of a day intraday low $77.36 saw DASH steer well clear of the first major support level at $76.10.
Bullish through the day, DASH rallied to an early afternoon intraday high $82.87 before easing back to $81 levels.
A broad-based crypto rally in the early afternoon provided DASH with the necessary support on the day. DASH broke through the first major resistance level at $79.68 and second major resistance level at $81.81.
Easing back late in the day, DASH fell back through the second major resistance level, as investors took some cream off the top.
In spite of 4 consecutive weeks in the green and Tuesday’s rebound, 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, a 4th consecutive week in the green and Tuesday’s rebound raises the prospect of a return to $100 levels. The ducks will need to be aligned, however, with strong market support needed for a more sustainable rally.
At the time of writing, DASH was down by 1.24% to $80.554. A bearish start to the day saw DASH slide from a morning high $82.738 to a low $80.005 before finding support. The early moves saw DASH steer clear of the day’s major support and resistance levels.
For the day ahead,
A move back through to $80.60 levels would signal a possible recovery of the early losses. A move back through the morning high $82.738 would bring $83 levels into play before any pullback. Barring a broad-based crypto rally, however, we would expect DASH to come up short of the first major resistance level at $83.836. Tuesday’s high $82.869 would likely pin DASH back from a breakout from sub-$83 levels on the day.
Failure to move through to $80.60 could see DASH take a bigger hit later in the day. A fall through the morning low $80.005 could see DASH fall through to $78 levels before any recovery.
Barring a mass sell-off, we would expect DASH to steer of Tuesday’s low $77.364. The day’s first major support level at $78.331 would likely limit the losses on the day.
Looking at the Technical Indicators
Major Support Level: $78.33
Major Resistance Level: $83.84
23.6% FIB Retracement Level: $172
38.2% FIB Retracement Level: $244
62% FIB Retracement Level: $360