Yahoo Finance DASH Technical Analysis – Support in Demand – 30/04/18
Key Highlights
DASH slipped 0.22% on Sunday, following Saturday’s 6.14% gain, to end the day at $497.74.
Sunday’s intraday high $509.9 fell short of the first major resistance level of $512.3.
A morning pullback saw DASH hit an intraday low $477.94, slipping through the 23.6% FIB Retracement Level of $485.23 to also call on support at the day’s first major support level of $477.7.
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DASH Price Support
For the week, DASH managed to draw out a 5.72% gain, in spite of a failure through the weekend to hold on to $500 levels and continue to fall well short of last Tuesday’s swing hi $547.97.
A morning high $509.9 was the only major positive for the day, with a morning sell-off across the broader market weighing on DASH that slid to an intraday low $477.94 to call on support at the 23.6% FIB Retracement Level of $485.23 and first major support level of $477.69.
DASH’s 2nd half of the day recovery to a day’s end $497.74 was driven more from a market-wide move than from demand for DASH in particular, the recovery minor relative to some of its peers, a need to call for support and a failure to test the day’s major resistance levels questioning the current bullish trend that was formed at 6th April’s swing lo $282.11.
As investors trawl through the cryptomarket looking for opportunistic investments, it’s certainly easy to be left behind on any given day, particularly when some of the cryptos have more to offer than others on a bullish day.
The good news is that DASH’s rebound from 6th April’s swing lo $282.11 has fully reversed the bearish trend that had been formed in late March, though there will be concerns on whether the current bullish trend is beginning to wane.
At the time of writing, DASH was down 2.23% to $488.574, with the broader market going into reverse early in the day, investors looking to lock in profits from the previous week.
A start of the day moves through to a morning high $501.259 came up against strong resistance at the $500 psychological level, leaving DASH short of the day’s first major resistance level of $512.5.
DASH slid to a morning low $483.89 in the last hour, falling through the 23.6% FIB Retracement Level of $485.23, with the broader market reversal leaving DASH exposed to further declines, bringing the day’s first major support level of $480.5 into play this morning.
A move back through to the 23.6% FIB Retracement Level would support a run back through to $500 levels to bring the first major resistance level back into play, failing to break out from $485 levels likely to see DASH under pressure, before a possible rebound in the afternoon.
Should Bitcoin and Bitcoin Cash fail to rebound from the morning’s reversal, DASH could see a further pullback to the day’s first major support level of $480.5, while sub-$480 levels will likely be avoided through the day.
The bullish trend formed back at 6th April’s swing low $282.11 remains intact, with DASH having steadied the ship following last Wednesday’s slide, though DASH will need to move back through to $500 levels this week and hold to avoid a further pullback and see a reversal of the current bullish trend.
Looking at the Technical Indicators
Major Support Level: $480.5
Major Resistance Level: $512.5
Fib 23.6% Retracement Level: $485.23
Fib 38% Retracement Level: $446.41
Fib 62% Retracement Level: $383.67
This article was originally posted on FX Empire
