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DASH Technical Analysis – Support Levels in Play –21/05/19

By:
Bob Mason
Published: May 21, 2019, 05:13 UTC

DASH hits reverse in the early hours, following on from Monday's pullback. A move back through to $167 levels would be needed to support a rebound.

Dash cryptocurrency coin

Key Highlights

  • DASH fell by 2.96% on Monday. Partially reversing a 22.34% rally on Sunday, DASH ended the day at $168.44.
  • An early morning intraday high $176.62 saw DASH fall short of the first major resistance level at $186.37 before hitting reverse.
  • An early afternoon intraday low $156.3 saw DASH steer clear of the first major support level at $150.67.
  • The extended bearish trend, formed back at late April’s swing hi $547.97, remained firmly intact. DASH continued to fall well short of the 38.2% FIB Retracement Level of $244, following 15th December’s swing lo $56.214.

How to Buy DASH

DASH Price Support

DASH fell by 2.96% on Monday. Partially reversing a 22.34% rally from Sunday, DASH ended the day at $168.44.

A choppy morning saw DASH recover from a start of a day slide to $162 levels to hit an intraday high $176.62 before hitting reverse.

Steering clear of the major support and resistance levels early on, DASH slid to an early afternoon intraday low $156.3.

Holding above the first major support level at $150.67, DASH found support from the broader market to strike an afternoon high $172.01.

Selling pressure at the 23.6% FIB Retracement Level of $172 weighed late in the day, leaving DASH at $168 levels by the day end.

In spite of a 39% rally last week, the extended bearish trend formed back at late April’s swing hi $547.97, remained firmly intact. Selling pressure at the 23.6% FIB Retracement Level of $172 pinned DASH back from a run at the 38.2% FIB of $244. 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 3.82% to $162.01. Bearish through the early hours, DASH fell from a morning high $166.65 to a low $160.67 before finding support.

In spite of the early reversal, DASH steered clear of the first major support level at $157.62.

DASH/USD 21/05/19 Daily Chart

For the day ahead,

A move back through the morning high $166.65 to $167 levels would support a run at $170 levels later in the day.

DASH would need support from the broader market, however, break out from the 23.6% FIB of $172. A breakout would support a run at the first major resistance level at $177.94.

Barring a broad-based crypto rally, however, Monday’s high $176.62 would likely limit any upside on the day.

Failure to move through to $167 levels could see DASH struggle through the day. A fall back through the morning low $160.67 to sub-$160 levels would bring the first major support level at $157.6 into play.

Barring a crypto meltdown, however, DASH will likely steer clear of sub-$150 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $157.62

Major Resistance Level: $177.94

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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