DASH Technical Analysis – Support Levels in Play – 07/01/18

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.
Bob Mason
Crypto00 567

Key Highlights

  • DASH rallied by 6.24% on Sunday, reversing a 0.17% fall from Saturday, to end the week up 4.62% to $84.39.
  • An early morning intraday low $78.306 saw DASH call on support at the first major support level at $78.38.
  • Rallying through the rest of the day, DASH broke through the day’s major resistance levels to hit an intraday high $85.6, before easing back late in the day.
  • The extended bearish trend, formed back at late April’s swing hi $547.97, remained firmly intact with DASH sitting well below the 23.6% FIB Retracement Level of $172, following 15th December’s swing lo $56.214.

How to Buy DASH

DASH Price Resistance

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.

Looking at the Technical Indicators

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

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