DASH Technical Analysis – Support Levels in Play –14/08/19

DASH joins the pack in the red. Failure to move through to $102 levels would likely raise the prospects of another reversal…
Bob Mason
Dash cryptocurrency coin

Key Highlights

  • DASH fell by 3.55% on Tuesday. Following on from a 1.79% decline on Monday, DASH ended the day at $100.652.
  • An early morning intraday high $108.058 saw DASH break through the first major resistance level at $106.43.
  • A mid-afternoon intraday low $100.056 saw DASH fall through the first major support level at $102.408 and second major support level at $100.385.
  • The extended bearish trend, formed back at late April 2018’s swing hi $547.97 remained firmly intact. DASH continued to fall short of the 23.6% FIB Retracement Level of $172, following 15th December’s swing lo $56.214.

How to Buy DASH

DASH Price Support

DASH fell by 3.55% on Tuesday. Following on from a 1.79% decline on Monday, DASH ended the day at $100.652.

A choppy start to the day saw DASH rally from an early morning low $103.051 to an early morning intraday high $108.058.

Steering clear of the major support levels, DASH broke through the first major resistance level at $106.428. The second major resistance level at $108.425 came into play before a broad-based crypto sell-off kicked in.

The sell-off saw DASH slide to a mid-afternoon intraday low $100.056. DASH fell through the first major support level at $102.408 and second major support level at $100.385.

Steering clear of sub-$100 was key on the day.

The extended bearish trend formed back at late April 2018’s swing hi $547.97, remained firmly intact following the late June and July pullback. DASH continued to fall short of the 23.6% FIB of $172 after having failed to take a run at the 38.2% FIB of $244.

At the time of writing, DASH was down by 0.65% to $100.00. A bearish start to the day saw DASH fall from an early morning high $101.291 to a low $99.734 before finding support.

DASH left the major support and resistance levels untested early on.

For the day ahead

DASH would need to move through to $102.90 levels to support a run at the first major resistance level at $105.788.

Support from the broader market would be needed, however, for DASH to take a run Tuesday’s high $108.058.

Barring a broad-based crypto rally on the day, DASH would likely fall short of the second major resistance level at $110.924.

Failure to move through to $102.922 levels could see DASH fall deeper into the red. A fall back through the morning low $99.734 would bring the first major support level at $97.786 into play.

Barring a crypto meltdown, however, DASH should steer clear of sub-$97 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $97.786

Major Resistance Level: $105.788

23.6% FIB Retracement Level: $172

38.2% FIB Retracement Level: $244

62% FIB Retracement Level: $360

Please let us know what you think in the comments below

Thanks, Bob

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