DASH sees red early on as the broader market takes a hit. A move back through to $155 levels would support a break out later in the day.
DASH fell by 1.13% on Thursday. Partially reversing a 6.28% rally from Wednesday, DASH ended the day at $154.15.
A bullish start to the day saw DASH strike an early morning intraday high $159.87 before hitting reverse.
Falling short of the first major resistance level at $161.19, DASH fell to a mid-morning low $154.66 before steadying.
Steering clear of the first major support level at $149.59, DASH managed to recover to an afternoon high $157.7 before falling to a late intraday low $153.72.
In spite of the pullback, DASH managed to hold above the first major support level at $149.59.
Following a 51% gain in May that led to a current year high $198.89, it’s been a bearish start to June. The pullback saw DASH fall away from the 23.6% FIB of $172, leaving the extended bearish trend formed back at late April 2018’s swing hi $547.97 firmly intact. 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 0.58% to $153.26. A bearish start to the day saw DASH fall from a morning high $154.50 to a low $153.26.
DASH left the major support and resistance levels untested through the early part of the day.
A move back through the morning high $154.50 to $155.9 levels would support a run at the first major resistance level at $158.11.
DASH would need support from the broader market, however, to break out from $156 levels.
Barring a broad-based crypto rally, DASH would likely fall short of $155 levels on the day. In the event of a rebound, the first major resistance level at $158.11 and Thursday’s high $159.87 would likely leave $160 levels out of range.
Failure to move back through the morning high $154.5 could see DASH fall deeper into the red. A pullback through the morning low $153.00 would bring the first major support level at $151.96 into play.
Barring a crypto meltdown, DASH would likely steer clear of sub-$150 support levels on the day.
Major Support Level: $151.91
Major Resistance Level: $158.11
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.