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

By:
Bob Mason
Published: Aug 14, 2019, 02:35 UTC

DASH joins the pack in the red. Failure to move through to $102 levels would likely raise the prospects of another reversal...

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.

DASH/USD 14/08/19 Daily Chart

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

About the Author

Bob Masonauthor

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.

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