It's bearish early on, with the broader market seeing red. A move back through to $168 levels would signal another rally...
DASH rose by 0.87% on Tuesday. Following on from a 0.73% gain on Monday, DASH ended the day at $169.087.
A relatively choppy start to the day saw DASH rise to a morning high $169.582 before hitting reverse.
Coming up short of the first major resistance level at $170.331, DASH fell to an early afternoon intraday low $161.901 before finding support.
DASH fell through the first major support level at $162.581 before rallying to a late afternoon intraday high $173.00.
The rally saw DASH break through the first major resistance level at $170.331 before easing back to sub-$170 levels late in the day.
Following last week’s 6.5% fall, 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 1.78% to $166.082. A particularly bearish start to the day saw DASH tumble from a morning high $170.313 to a low $166.082.
In spite of the early morning sell-off, DASH stood well clear of the first major support level at $162.99.
A move back through to $168 levels would bring $170 levels into play later in the day. DASH would need support from the broader market, however, to take a run on Tuesday’s high $173.0. The 23.6% FIB Retracement Level of $172 will come into play in the event of an afternoon recovery.
Barring a broad-based crypto rebound. DASH would likely come up short of the first major resistance level at $174.091.
In the event of a crypto rebound, a breakthrough the first major resistance level at $174.091 would bring $176 levels into play.
Failure to move back through to $168 levels could see DASH slide deeper into the red. A fall through to $164.8 levels would bring $163 levels into play before any recovery.
Barring a crypto meltdown, DASH will likely steer clear of the first major support level at $162.992.
Major Support Level: $162.992
Major Resistance Level: $174.091
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
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.