DASH Technical Analysis – Support Levels in Play –21/05/19
Key Highlights
- DASH fell by 2.96% on Monday. Partially reversing a 22.34% rally on Sunday, DASH ended the day at $168.44.
- An early morning intraday high $176.62 saw DASH fall short of the first major resistance level at $186.37 before hitting reverse.
- An early afternoon intraday low $156.3 saw DASH steer clear of the first major support level at $150.67.
- The extended bearish trend, formed back at late April’s swing hi $547.97, remained firmly intact. DASH continued to fall well short of the 38.2% FIB Retracement Level of $244, following 15th December’s swing lo $56.214.
DASH Price Support
DASH fell by 2.96% on Monday. Partially reversing a 22.34% rally from Sunday, DASH ended the day at $168.44.
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A choppy morning saw DASH recover from a start of a day slide to $162 levels to hit an intraday high $176.62 before hitting reverse.
Steering clear of the major support and resistance levels early on, DASH slid to an early afternoon intraday low $156.3.
Holding above the first major support level at $150.67, DASH found support from the broader market to strike an afternoon high $172.01.
Selling pressure at the 23.6% FIB Retracement Level of $172 weighed late in the day, leaving DASH at $168 levels by the day end.
In spite of a 39% rally last week, 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 3.82% to $162.01. Bearish through the early hours, DASH fell from a morning high $166.65 to a low $160.67 before finding support.
In spite of the early reversal, DASH steered clear of the first major support level at $157.62.
For the day ahead,
A move back through the morning high $166.65 to $167 levels would support a run at $170 levels later in the day.
DASH would need support from the broader market, however, break out from the 23.6% FIB of $172. A breakout would support a run at the first major resistance level at $177.94.
Barring a broad-based crypto rally, however, Monday’s high $176.62 would likely limit any upside on the day.
Failure to move through to $167 levels could see DASH struggle through the day. A fall back through the morning low $160.67 to sub-$160 levels would bring the first major support level at $157.6 into play.
Barring a crypto meltdown, however, DASH will likely steer clear of sub-$150 support levels on the day.
Looking at the Technical Indicators
Major Support Level: $157.62
Major Resistance Level: $177.94
23.6% FIB Retracement Level: $172
38.2% FIB Retracement Level: $244
62% FIB Retracement Level: $360
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Thanks, Bob