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DASH Technical Analysis – Support Levels in Play –29/05/19

Bob Mason

Key Highlights

  • DASH rose by 0.87% on Tuesday. Following on from a 0.73% gain on Sunday, DASH ended the day at $169.087.
  • An early afternoon intraday low $161.901 saw DASH fall through the first major support level at $162.581.
  • A late afternoon intraday high $173.00 saw DASH break through the first major resistance level at $170.331 before easing back.
  • 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.

How to Buy DASH

DASH Price Resistance

DASH rose by 0.87% on Tuesday. Following on from a 0.73% gain on Monday, DASH ended the day at $169.087.

A relatively choppy start to the day saw DASH rise to a morning high $169.582 before hitting reverse.

Coming up short of the first major resistance level at $170.331, DASH fell to an early afternoon intraday low $161.901 before finding support.

DASH fell through the first major support level at $162.581 before rallying to a late afternoon intraday high $173.00.

The rally saw DASH break through the first major resistance level at $170.331 before easing back to sub-$170 levels late in the day.

Following last week’s 6.5% fall, 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 1.78% to $166.082. A particularly bearish start to the day saw DASH tumble from a morning high $170.313 to a low $166.082.

In spite of the early morning sell-off, DASH stood well clear of the first major support level at $162.99.

For the day ahead,

A move back through to $168 levels would bring $170 levels into play later in the day. DASH would need support from the broader market, however, to take a run on Tuesday’s high $173.0. The 23.6% FIB Retracement Level of $172 will come into play in the event of an afternoon recovery.

Barring a broad-based crypto rebound. DASH would likely come up short of the first major resistance level at $174.091.

In the event of a crypto rebound, a breakthrough the first major resistance level at $174.091 would bring $176 levels into play.

Failure to move back through to $168 levels could see DASH slide deeper into the red. A fall through to $164.8 levels would bring $163 levels into play before any recovery.

Barring a crypto meltdown, DASH will likely steer clear of the first major support level at $162.992.

Looking at the Technical Indicators

Major Support Level: $162.992

Major Resistance Level: $174.091

23.6% FIB Retracement Level: $172

38.2% FIB Retracement Level: $244

62% FIB Retracement Level: $360

Please let us know what you think in the comments below

Thanks, Bob

This article was originally posted on FX Empire

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