Yahoo Finance DASH Technical Analysis – Consolidates Bullish Trend – 20/04/18
Key Highlights
DASH gained 2.57% on Thursday, which may have lagged some of the front runners, but came off the back of a 15.9% rally on Wednesday.
An intraday low $408.89 saw DASH hold above the day’s first major support level of $381.96 and 23.6% FIB Retracement Level of $391.3 in the first half of the day.
A late intraday high $436.4 left the day’s first major resistance level of $444.3 untested on Thursday, while DASH consolidated Wednesday’s move.
DASH Price Resistance
DASH rose by 2.57% on Thursday, consolidating Wednesday’s 15.9% rally, to end the day at $436.4.
It was choppy morning for DASH, which fell to an intraday low $408.89 from an early $430.98 high in the middle part of the morning, before moving back into positive territory through the middle part of the day.
The morning’s low held above the day’s first major support level of $381.96 and 23.6% FIB Retracement Level of $391.3 to continue supporting the near-term bull trend formed at 6th April’s swing lo $282.11.
Upward momentum, supported by positive sentiment across the broader market, saw DASH rally to an intraday high $436.4 before easing back to the end of day $433.65, the 1st major resistance level of $444.3 left untested on Thursday.
At the time of writing, DASH was up 0.13% to $430.75 in what has been a choppy start to the day, with the DASH and the broader market consolidating the week’s gains through the early morning.
A morning $439.7 high came off the back of continued momentum from Thursday’s 2nd half of the day rally, before pulling back to a morning low $425.18.
With the day’s major support and resistance levels untested, gains across some of the majors should provide support for DASH through the middle of the day, with a move back through to the morning’s high supporting a run at the day’s first major resistance level of $443.74 and a continuation of the week’s rally.
Failure to test the first major support level could see DASH pullback to $420 levels, bringing the first major support level of $416.23 into play, though negative news would need to hit the wires for DASH to test support at the 23.6% FIB Retracement Level of $400, the morning’s moves unlikely to raise any major concerns.
It’s been a strong week, with DASH having managed to move back through to $400 levels, supported by investors moving back on in shallower dips. Investor sentiment could be tested should support levels come into play however, with DASH having managed to avoid testing support levels in recent days, providing comfort to the more bullish investors.
The near-term bull continues to remain intact ahead of the weekend, which has tended to be favorable for the markets of late, the next target for DASH being $450 levels to sustain the current trend.
Looking at the Technical Indicators
Major Support Level: $416.12
Major Resistance Level: $443.74
Fib 23.6% Retracement Level: $400
Fib 38% Retracement Level: $377.5
Fib 62% Retracement Level: $341.1
This article was originally posted on FX Empire
