DASH joins the crypto majors in the red in the early hours. Failure to move through to $136.11 levels could lead to heavy losses on the day.
DASH slipped by 0.92% on Monday. Following on from a 3.68% gain from Sunday, DASH ended the day at $136.96.
The day’s gain came off the back of a 23% rally in the week ending 7th April, which locked in an 8th week in the green out of the last 9.
On the day, a start of a day intraday high $138.709 saw DASH break through the first major resistance level at $137.36 before hitting reverse.
DASH fell victim to a broad-based crypto sell-off through the morning. The sell-off saw DASH slide through the first major support level at $131.99 to a mid-day intraday low $131.55.
Support through the early afternoon led DASH to $137 levels before easing back to $136 levels late in the day. DASH managed to move back into positive territory with the late recovery.
In spite of 8 weeks in the green out of the last 9, 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, it’s been an impressive run since December’s swing lo $56.21. While a choppy start to the week will test investor resilience, DASH has rallied 143.7% since the December swing lo. It’s going to take more than a start of a week blip for a reversal to kick in.
At the time of writing, DASH was down by 1.83% to $134.44. Tracking the broader market, DASH fell from a morning high $136.87 to a low $133.501 before finding support.
In spite of a relatively choppy start to the day, DASH left the major support and resistance levels untested early on.
A move back through to $135.8 levels would be needed to signal a recovery of the morning losses through the afternoon.
Barring a broad-based crypto rally, however, we would expect DASH to come up short of the first major resistance level at $139.93. Monday’s high $138.71 would likely limit any upside on the day.
Failure to move through to $135.8 levels could see DASH take a bigger hit on the day. A fall through the morning low $133.50 would bring the first major support level at $132.77 into play. Barring a crypto sell-off, we would expect DASH to avoid sub-$132 levels through the day.
Major Support Level: $132.77
Major Resistance Level: $139.93
23.6% FIB Retracement Level: $172
38.2% FIB Retracement Level: $244
62% FIB Retracement Level: $360
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Thanks, Bob
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.