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DASH Technical Analysis Resistance Levels in Play 01/06/18

18 October 2018 04:58 AM BDT
DASH Technical Analysis Resistance Levels in Play 01/06/18

DASH is on the move, but will need to break through to $320 levels to support a bullish run through the day and a possible bearish trend reversal through the weekend.

Key Highlights DASH gained 1.41% on Thursday, partially reversing Wednesday’s 5.3% fall, to end the day at $305.4 An intraday low $298.2 came at the start of the day, holding above the day’s first major support level at $289.8, while an afternoon rally to an intraday high $315.2 came within reach of the day’s first major resistance level at $318 before easing to $305. The 23.6% FIB Retracement Level of 345.69 remained untested.

How to Buy DASH

DASH Price Resistance

DASH gained 1.41% on Thursday, partially reversing Wednesday’s 5.3% fall, to end the month of May down 35.5% at $305.4, to leave the bearish trend formed at 24th April’s swing hi $547.97 firmly intact.

DASH recovered from a start of a day dip to an intraday low $298.2, with sub-$300 support kicking in to see DASH move through to a morning high $312.1 before easing back to low $300 levels, the moves through the early part of the day steering clear of the day’s first major support level at $289.8 and the day’s first major resistance level at $318.1.

An afternoon rally to an intraday high $315.2 saw DASH come within reach of the day’s first major resistance level at $318 before a late in the day reversal to the day’s ending $305.4, the failure to test the 23.6% FIB Retracement Level of $345.7 reaffirming the extended bearish trend.

At the time of writing, DASH was up 0.61% to $306.24, with early moves to a morning $308.755 high bucking the trend from the broader market, while falling short of the day’s first major resistance level at $314.33.

An early dip to a morning low $304.1 held well above the day’s first major support level at $297.3, with DASH continuing to find support at $300 in the early hours.

For the day ahead, a move through $315 would support a run at the day’s second major resistance level at $323.3, with DASH needing to break through to $320 levels to bring the 23.6% FIB Retracement Level of $345.69 into play.

While recent moves suggest a bottoming out, market sentiment will need to see a material improvement for DASH to break out from the day’s first major resistance level and support a run at the 23.6% FIB Retracement Level to kick off a bearish trend reversal.

Failure to move through $320 levels this morning will likely see DASH call on support at the day’s first major support level at $297.3, with a pullback to test the day’s second major support level at $289.3 in play should sentiment across the broader market deteriorate through the morning.

It’s been a positive start to the day, but DASH is going to need to make a move sooner rather than later to avoid a middle of the day reversal.

Looking at the Technical Indicators

Major Support Level: $297.3

Major Resistance Level: $0314.3

Fib 23.6% Retracement Level: $345.69

Fib 38% Retracement Level: $384.35

Fib 62% Retracement Level: $446.83

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