Yahoo Finance DASH Technical Analysis – Can DASH Defy the FSA – 08/05/18
Key Highlights
DASH slid 5.82% on Monday, following on from Sunday’s 4.86% fall, to end the day at $456.67.
An intraday high $484.99 fell well short of the day’s first major resistance level of $508.61, with DASH having to call on support at the day’s first major support level at $464.706 and second major support level at $448.85.
Negative sentiment across the cryptomarket saw few buyers lined up at the 23.6% FIB Retracement Level of 485.23, leaving DASH exposed to larger losses on the day.
How to Buy DASH: The Complete Guide
DASH Price Resistance
DASH slid 5.82% on Monday, following Sunday’s 4.86% fall, to end the day at $456.67, in what has been a bad run since 24th April’s swing hi $548.
Negative sentiment across the broader market weighed heavily, with news of Japan’s FSA banning cryptocurrencies supporting anonymity of material influence late in the weekend and through early Monday.
In spite of the negative news, DASH continued to find support at the 38.2% FIB Retracement Level of 446.41 through Monday, having fallen through the 23.6% FIB Retracement Level of $485.23 and first major support level at $464.71 to an intraday low $444.37 before a partial recovery through the afternoon.
Holding above the 38.2% FIB Retracement Level and a recovery to $450 levels averted a reversal of the bullish trend formed at 6th April’s swing lo $282.11, while pressure remains in the early part of the week.
At the time of writing, DASH was up 1.22% to $461.18, with a move through to a morning high $467.8 seeing DASH break clear of the 38.2% FIB Retracement Level of $446.41 while continuing to struggle to move through to the 23.6% FIB Retracement Level of $485.23.
Investor sentiment towards the rollout of new regulations has certainly weighed and concerns over the banning of DASH and similar cryptocurrencies across other key jurisdictions will remain a factor that investors will need to contend with near-term.
For the day ahead, a move through to $470 levels would support a move through to the 23.6% FIB Retracement Level of $485.23, though for a breakout from there, sentiment across the broader market will need to improve through the day, Bitcoin and Bitcoin Cash having coughed up gains made at the start of the day.
A pullback to the 38.2% FIB Retracement Level of $446.41 will likely lead to further declines, bringing the day’s first major support level of $439.03 into play in what would be considered the beginnings of a reversal to the extended bullish trend formed on 6th April.
For the bulls, the fact that the broader market has not seen another sell-off early on will be the positive for now, though DASH will need to move through the first major resistance level at $480 to attempt to break out from the 23.6% FIB Retracement Level, which may be a step too far for the day.
Looking at the Technical Indicators
Major Support Level: $439.03
Major Resistance Level: $479.7
Fib 23.6% Retracement Level: $485.2
Fib 38% Retracement Level: $446.4
Fib 62% Retracement Level: $383.7
This article was originally posted on FX Empire
