DASH Technical Analysis – Support Levels in Play –06/06/19

DASH sees red in the early hours. A hold onto $147 levels would support a recovery later in the day, however…
Bob Mason
Dash cryptocurrency coin

Key Highlights

  • DASH gained 3.24% on Wednesday. Partially reversing a 6.64% slide from Tuesday, DASH ended the day at $147.836.
  • A late morning intraday high $149.181 saw DASH fall short of the first major resistance level at $153.685.
  • An early afternoon intraday low $141.931 saw DASH steer clear of the first major support level at $136.991.
  • The extended bearish trend, formed back at late April 2018’s swing hi $547.97, remained firmly intact. DASH continued to fall well short of the 38.2% FIB Retracement Level of $244, following 15th December’s swing lo $56.214.

How to Buy DASH

DASH Price Support

DASH gained 3.24% on Wednesday. Partially reversing a 6.64% slide from Tuesday, DASH ended the day at $147.836.

A relatively bullish morning saw DASH rise from a morning low $143.201 to a late morning intraday high $149.181. Falling short of the first major resistance level at $153.685, DASH fell to a mid-afternoon intraday low $141.931.

In spite of the pullback, DASH steered clear of the first major support level at $136.991 and moved back through to $147 levels at the day end.

Following a pullback in late May, the extended bearish trend formed back at late April 2018’s swing hi $547.97, remained firmly intact. Selling pressure at the start of June left DASH short of the 23.6% FIB Retracement Level of $172. For the bulls, a breakout from the 38.2% FIB would be needed to form a near-term bullish trend.

At the time of writing, DASH was down by 0.27% to $147.433. A mixed start to the day saw DASH fall to a morning low $146.495 before rising to a high $147.433.

DASH left the major support and resistance levels untested early on.

For the day ahead,

A hold onto $147 levels through the morning would support a run at the first major resistance level at $150.701.

DASH would need support from the broader market, however, to break out from $150 levels and target $153 levels.

Barring a broad-based crypto rally, DASH would likely come up short of the second major resistance level at $153.566.

Wednesday’s high $149.181 and the first major resistance level at $150.701 would limit any upside on the day.

Failure to hold onto $147 levels could see DASH fall deeper into the red. A pullback through the morning low $146.495 would bring the first major support level at $143.451 into play.

Barring a broad-based crypto sell-off, DASH would likely steer clear of sub-$140 levels and the second major support level at $139.066.

Looking at the Technical Indicators

Major Support Level: $143.451

Major Resistance Level: $150.701

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

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