DASH plays catch up early on, following 2 consecutive days of losses, though holding to current levels will be key through the morning.
DASH fell by 0.1% on Tuesday, following on from Monday’s 9.39% tumble, to end the day at $141.819, with the day’s loss bucking the trend across the broader market.
A positive start to the day saw DASH move through to a late morning intraday high $145.63, before reversing, the day’s high falling well short of the first major resistance level at $159.36.
The early afternoon sell-off saw DASH slide to an intraday low $137 before recovering to $141 levels by the day’s end, the day low steering clear of the first major support level at $135.19.
A second consecutive day of losses reaffirmed the extended bearish trend formed at late April’s swing hi $547.97, with DASH continuing to fall well short of the 23.6% FIB Retracement Level of $229, a downward trend on the 23.6% FIB Retracement Level coming off the back of 14th August’s new swing lo $130.02.
At the time of writing, DASH was up 5.44% to $149.618, with a broad based market rally seeing DASH break through the first major resistance level at $145.97 and second major resistance level at $150.12 to hit an early morning high $152.818, before easing back to sub-$150 levels.
For the day ahead, a move back through to $150 levels would support another breakout to bring $152 levels back into play, though we will expect DASH to continue to fall short of the third major resistance level at $158.75, with $150 having pinned DASH back from more material gains in the early hours.
Failure to break back through to $150 levels could see DASH give up more gains later in the day, with a pullback through the first major resistance level at $145.97 likely to lead to a late sell-off, while we would expect DASH to steer clear of sub-$140 levels and the day’s first major support level at $137.35.
DASH has been playing catch up through the morning, following the trend bucking 0.1% loss on Tuesday, with any reversal across the broader market likely to see DASH take a heavy hit later in the day, though as things stand, the DASH and the broader market are looking set for a 2nd consecutive day of gains.
Major Support Level: $137.35
Major Resistance Level: $145.97
Fib 23.6% Retracement Level: $229
Fib 38% Retracement Level: $290
Fib 62% Retracement Level: $388
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.