DASH Technical Analysis – In Need of Support – 11/06/18
Key Highlights
DASH slid by 10.19% on Sunday, following Saturday’s 4.59% fall, to end the week down 19.4% at $268.27.
An intraday low $267.32 saw Dash fall through the day’s major support levels, while the day’s first major resistance level at $307.61 was left untested, with an intraday high $295.7 also falling well short of the 23.6% FIB Retracement Level of $333.6.
The extended bearish trend was reaffirmed with a new swing lo $267.32.
DASH Price Support
DASH slid by 10.19% on Sunday, following Saturday’s 4.59% fall, to end the week down 19.36% at $268.27.
A start of the day slide that followed the broader market trend saw DASH fall through the day’s first major support level at $293.21 and second major support level at $288.76 to $286.43 within the first hour.
Market response to news of U.S regulators issuing subpoenas to the world’s largest exchanges as the CFTC continues to investigate price manipulation ultimately contributed to the reversal across the broader market.
Things didn’t improve through the day, with DASH unable to break back through the day’s first and second major support levels, leading to an afternoon sell-off that saw DASH strike an intraday low and new swing lo $267.32 before a slight pickup at the day’s end to $268 levels.
The moves through the day continued to reaffirm the extended bearish trend formed at late April’s swing hi $547.97.
At the time of writing, DASH was up 1.99% to $273.94, with the moves through the early part of the day managing to buck the trend across the broader market.
A start of the day rally saw DASH move through to a morning high $278.098 before reversing, DASH failing to test the day’s first major resistance level at $286.87 in the early hours.
This morning’s $268.27 low also steered clear of the day’s first major support level at $258.49, while DASH continued to fall well short of the 23.6% FIB Retracement Level of $333.6, supporting the extended bearish trend.
For the day ahead, a move through $277 would support a run at $280 levels to bring the day’s first major resistance level at $286.87 into play, though with the broader market in the red at the time of writing, DASH’s trend bucking move may come to an end through the early afternoon.
Failure to forge ahead will likely see DASH pullback through the morning’s low $268.27 to test the day’s first major support level at $248.72, with the day’s second major support level at $248.72 in play should sentiment across the broader market remain negative through the afternoon.
It’s looking bearish and, while there may be some interest at current levels, more red is likely to be seen before there’s any kind of a recovery from this year’s losses.
Looking at the Technical Indicators
Major Support Level: $258.49
Major Resistance Level: $286.87
Fib 23.6% Retracement Level: $333.6
Fib 38% Retracement Level: $374.5
Fib 62% Retracement Level: $440.8
This article was originally posted on FX Empire
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