DASH sees red through the early hours and could slide to $87 levels before any recovery. A move through to $90.5 would signal a rally...
DASH fell by 0.98% on Wednesday. Partially reversing a 9.93% rally on Tuesday, DASH ended the day at $89.999.
A relatively bullish start to the day saw DASH rise to a mid-morning intraday high $92.847 before hitting reverse. Falling short of the first major resistance level at $94.43, DASH fell to a mid-day intraday low $88.603.
Steering well clear of the first major support level at $83.86, DASH recovered to $91 levels before easing back to sub-$90 levels
In spite of 5 consecutive weeks in the green and Tuesday’s rally, 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 5th consecutive week in the green and Tuesday’s rebound leaves the prospect of a return to $100 levels intact. Support from the broader market would be needed, however, for a break out from $90 levels.
At the time of writing, DASH was down by 2.22% to $87.999. A bearish morning saw DASH slide from a morning high $89.711 to a low $87.747 before steadying. The reversal saw DASH fall through the first major support level at $88.119. The start of the day high fell well short of the first major resistance level at $92.363.
A move through to $90.50 levels would support a return to $92 levels later in the day. Support from the broader market would be needed however, for DASH to break through the first major resistance level at $92.36. Resistance at $90 would need to be broken down before any move northwards can be expected.
In the event of a broad-based crypto rally, we would expect DASH to be pinned back from a move through to $93 levels. The day’s first major resistance level and Wednesday’s high $92.847 will likely limit any upside on the day.
Failure to move back through to $90.50 levels could see DASH fall further back through the day. A pullback through the morning low $87.747 would bring the first major support level at $88.12 into play. Barring a broad-based market sell-off, however, we would expect DASH to steer clear of sub-$87 levels.
Major Support Level: $88.12
Major Resistance Level: $92.36
23.6% FIB Retracement Level: $172
38.2% FIB Retracement Level: $244
62% FIB 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.