Yahoo Finance DASH Technical Analysis –The DASH Crash – 24/05/18
Key Highlights
DASH slid by 5.15% on Wednesday, following on from Tuesday’s 5.71% fall, to end the day at $339.93.
The day’s $359.6 high came at the start of the day, falling well short of the day’s first major resistance level at $356.6 and 23.6% FIB Retracement Level of $400.7.
A mid-afternoon intraday low and new swing lo $328.24 saw DASH fall through the day’s first major support level at $348.23 and second major support level at $337.86, before finding support at sub-$330 levels.
DASH Price Support
DASH slid by 5.15% on Wednesday, following Tuesday’s 5.71% fall, to end the day at $339.93 in what has become a particularly bearish week, with the late weekend rally to $400 levels now a distant memory.
A start of the day fall to $347.9 set the tone for the day, DASH falling through the day’s first major support level at $348.23 early before resilience through the morning provided some support, with DASH managing to recover to $350 levels before yet another afternoon sell-off.
DASH tumbled to an intraday low and new swing lo $328.24 in the mid-afternoon, the low seeing DASH slide through the day’s first major support level at $348.23 and second major support level at $337.86 with relative ease.
Sub-$330 support held DASH above the day’s 3rd major support level at $310.16 on the day, though the damage was done, with the new swing lo reaffirming the May bearish trend formed at late April’s swing hi $547.97.
For the bulls, the only positive on the day was a recovery to $339.9 by the day’s end, though DASH sat well below the first major support level, with the day’s key resistance levels left untested through the day.
At the time of writing, DASH was up 1.56% to $345.23, a late Wednesday uptick continuing into the early hours of this morning, supporting a move through to a morning high $349.97.
While sentiment across the broader market was on the positive side early on, the day’s major support and resistance levels were left untested, leaving investors to consider what lies ahead for the remainder of the day, the crypto majors having eased back from early highs by mid-morning.
For the day ahead, a move through the morning’s $349.97 high to $350 levels would support a run at the day’s first major resistance level at $356.28, with resistance likely to be on the higher side as investors tread cautiously, an afternoon sell-off not out of the question when considering the current market forces and generally bearish sentiment.
Failure to move through the morning’s high in the middle of the day may be enough for money to come off the table, a pullback through the start of the day’s $339.27 low likely to bring sub-$330 support levels into play for a second consecutive day. Holding on to $340 levels this morning will ultimately be key to any upward momentum through the afternoon.
Looking at the Technical Indicators
Major Support Level: $325.9
Major Resistance Level: $356.3
Fib 23.6% Retracement Level: $380.1
Fib 38% Retracement Level: $412.2
Fib 62% Retracement Level: $464
This article was originally posted on FX Empire
