DASH Technical Analysis – Resistance Hits Early – 23/07/18

Published: Jul 23, 2018, 04:53 UTC•2min read

DASH bucked the trend in the early hours seeing red and it could be seen as an opportunity if the broader market rallies on

Key Highlights

DASH fell by 1.62% on Sunday, partially reversing Saturday’s 4.95% rise, to end the week up 8.14% to $249.551.
An early morning intraday high $260.91 saw DASH fall short of the day’s first major resistance level at $261.2363 to pullback through the morning to $251 levels.
A late in the day reversal saw DASH fall to an intraday low $246.311, leaving the first major support level at $241.54 untested before recovering to $249 levels.

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DASH Price Resistance

DASH fell by 1.62% on Sunday, partially reversing Saturday’s 4.95% rise, to end the day at $249.551.

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A move in the early hours saw DASH hit an intraday high $260.91, falling short of the day’s first major resistance level at $261.24 and well short of the 23.6% FIB Retracement Level of $287, before pulling back to a morning low $250.91, the moves through the morning seeing DASH track the broader market.

Attempts at a recovery through the afternoon came up short of the early morning intraday high $260.91, DASH unable to break clear of $255 levels, with a late sell-off seeing DASH pullback to sub-$250 levels and an intraday low $246.311 before recovering to $249 levels by the day’s end.

In spite of the Sunday pullback, DASH gained 8.14% in the week, though the moves were not enough to begin a bearish trend reversal, with DASH continuing to fall well short of the 23.6% FIB Retracement Level of $287, two runs through $287 having been short lived earlier in the month, selling pressure too great for DASH to breakout from $287 levels to take a run at $300 levels and the 38.2% FIB Retracement Level of $337. A breakout from $287 levels is going to be needed to see the formation of a bearish trend reversal set in.

At the time of writing, DASH was down 0.32% to $248.805 to buck the trend across the broader market that has enjoyed a solid start to the week.

An early rally through to a morning high $258.949 saw DASH come up against the day’s first major resistance level at $258.2 leading to a full reversal to sub-$250 levels, a start of a day morning low $247.09 steering clear of the first major support level at $243.61.

For the day ahead, a move back through $252 levels would support another run at the first major resistance level at $258.2 to bring $260 levels into play, with continued momentum across the broader market likely to provide DASH some much needed support in the morning.

Failure to move back through to $252 levels could see DASH take a bigger hit later in the day, with the day’s first major support level at $243.61 in play in the event of a sell-off, though we would expect DASH to recover the morning losses and track the broader market later in the morning.