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DASH Technical Analysis – Support Levels in Play –29/07/19

By:
Bob Mason
Published: Jul 29, 2019, 07:30 UTC

It's in the red early on. DASH would need to steer clear of $107.4 levels to avoid a sell-off later in the day...

Dash cryptocurrency coin

Key Highlights

  • DASH fell by 1.57% on Sunday. Following on from a 3.66% slide from Saturday, DASH ended the day at $108.217.
  • A mid-morning intraday high $111.578 saw DASH fall short of the first major resistance level at $116.26 before hitting reverse.
  • A late intraday low $102.414 saw DASH fall through the first major support level at $106.80 and second major support level at $102.68.
  • 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 1.57% on Sunday. Following on from a 3.66% slide on Saturday, DASH ended the week down 9.06% to $108.217.

A relatively bullish start to the day saw DASH strike a mid-morning intraday high $111.578 before hitting reverse.

Falling well short of the first major resistance level at $116.26, DASH tumbled to a late intraday low $102.414.

The reversal saw DASH slide through the first major support level at $106.80. Finding support at the second major support level at $102.68, DASH recovered to $108 levels to limit the downside 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 0.38% to $107.802. A mixed start to the day saw DASH fall to an early morning low $106.714 before striking a morning high $109.638.

Steering clear of the major support and resistance levels early on, DASH eased back to $107 levels.

DASH/USD 29/07/19 Daily Chart

For the day ahead

DASH would need to hold above $107.4 levels through the morning to support a recovery later in the day.

A move back through the morning high $109.638 would bring the first major resistance level at $112.392 into play.

DASH would need the support of the broader market, however, to break out from $110 levels.

Barring a broad-based crypto rally, Sunday’s high $111.578 would likely limit any upside on the day.

Failure to hold above $107.4 levels could see DASH slide deeper into the red. A fall through the morning low $106.714 to $105 levels would bring the first major support level at $103.228 into play.

Barring a broad-based crypto meltdown, however, DASH should steer clear of sub-$100 support levels on the day.

Looking at the Technical Indicators

Major Support Level: $103.228

Major Resistance Level: $112.392

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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