It's a slow start to the day for DASH, with sentiment across the broader market weighing, a hold onto $84 levels needed to support an early rally.
DASH rallied by 6.24% on Sunday, reversing a 0.17% fall from Saturday with interest, to end the week up 4.62% to $84.39.
A late reversal from Saturday continued into the early hours of Sunday, leading DASH to an early morning intraday low $78.306 to call on support at the first major support level at $78.38 before recovering through the late morning and early afternoon.
DASH broke back through to $80 levels by the early afternoon, breaking through the first major resistance level at $80.58 before a broad based crypto rally kicked in, driving DASH through the second major resistance level at $81.89 and third major resistance level at $84.09 to an intraday high $85.6 before easing back to $84 levels in the final hours, holding above the third major resistance level at the day’s end.
In spite of a minor gain for the week, coming off the back of Sunday’s rally, the extended bearish trend remained intact, with DASH continuing to fall well short of the 23.6% FIB of $172 following the 15th December new swing lo $56.214.
At the time of writing, DASH was up 0.06% to $84.439, with moves through the early morning seeing DASH fall from a start of a day morning high $85.287 to a morning low $84.005 before steadying, the day’s major support and resistance levels left untested.
For the day ahead, a hold onto $84 levels through the morning would support a move back through the morning high $85.287 to bring $86 levels into play, with support from across the broader market needed to bring the first major resistance level at $87.223 into play before any pullback.
Following Monday’s rally, investors will be cautious of profit taking that could ultimately lead to a reversal, making it all the more important for DASH to hold onto $84 levels through the morning.
Failure to hold onto $84 levels could see DASH hit reverse later in the day, with any fall through $82.7 bringing $80 levels and the day’s first major support level at $79.93 into play before any recovery. While we don’t expect heavier losses on the day, a broad based crypto sell-off could see DASH fall to $78 levels before any recovery, the second major support level at $75.47 unlikely to be in play on the day.
Major Support Level: $79.93
Major Resistance Level: $87.22
Fib 23.6% Retracement Level: $172
Fib 38% Retracement Level: $244
Fib 62% Retracement Level: $360
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.