DASH Technical Analysis –Support Levels in Play – 16/05/18

DASH calls on support through the morning slide, with side ways moves through the middle part of the day likely to weigh on DASH should sentiment across the broader market not improve.
Bob Mason
cryptos

Key Highlights

  • DASH slipped by 1.49% on Tuesday, partially reversing Monday’s 3.83% gain, to end the day at $426.399.
  • An intraday high $454.892 saw DASH break through the 38.2% FIB Retracement Level of $441.63, before a reversal, the day’s high falling short of the first major resistance level at $462.18.
  • An intraday low $422.2 saw DASH pullback through the 38.2% FIB Retracement Level, while holding above the 23.6% FIB Retracement Level of $416.51 and the day’s first major support level at $394.87

How to Buy DASH

DASH Price Support

DASH slipped 1.49% on Tuesday, partially reversing Monday’s 3.83% gain, to end the day at $426.4 to continue affirming the near-term bearish trend formed at 24th April’s swing hi $548.

Recovering from a morning low $422.2, DASH rallied to an intraday high $454.9 to break clear of the 38.2% FIB Retracement Level of $441.6, while falling short of the day’s first major resistance level at $462.2.

A middle of the day sell-off, seen across the broader market, saw DASH pullback through the 38.2% FIB Retracement Level of $441.6 to an intraday low $422.2, DASH managing to hold above the 23.6% FIB Retracement Level of $416.5, while also holding well above the first major support level at $394.9 before recovering to the day’s end $426.4.

DASH investors were certainly more resilient than most on the day, in spite of failing to test the day’s major resistance level.

At the time of writing, DASH was down 5.59% to $402.3, with Tuesday’s second half of the day tumble continuing through the early hours of this morning, DASH sliding through the day’s first major support level at $414.1 and second support level at $401.8 to a morning low $395.1 before recovering to $400 levels.

The move back through to $400 levels this morning will have provided some comfort, with DASH needing to move back through the 23.6% FIB Retracement Level of $416.5 in the middle part of the day to support an afternoon recovery of the morning’s losses.

For the bulls, breaking through the 23.6% FIB Retracement Level would support a run at the day’s first major resistance level at $446.8, though sentiment across the broader market will need to have improved to ease selling pressure at the 38.2% FIB Retracement Level of $441.6.

Failure to break through the 23.6% FIB Retracement Level of $416.5 could see further declines later in the day, a pullback through the day’s second major support level of $401.8 bringing the day’s third major support level at $369.1 into play.

While the broader market has steadied, following the early sell-off, DASH will need to make a move in the middle part of the day else risk the possibility of sub-$300 levels this week, investors continuing to pull out following the regulatory updates out of South Korea at the end of last week and the start of this week.

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Looking at the Technical Indicators

Major Support Level: $414

Major Resistance Level: $447

Fib 23.6% Retracement Level: $417

Fib 38% Retracement Level: $442

Fib 62% Retracement Level: $482

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