DASH is on the move, but will need to break through to $320 levels to support a bullish run through the day and a possible bearish trend reversal through the weekend.
DASH gained 1.41% on Thursday, partially reversing Wednesday’s 5.3% fall, to end the month of May down 35.5% at $305.4, to leave the bearish trend formed at 24th April’s swing hi $547.97 firmly intact.
DASH recovered from a start of a day dip to an intraday low $298.2, with sub-$300 support kicking in to see DASH move through to a morning high $312.1 before easing back to low $300 levels, the moves through the early part of the day steering clear of the day’s first major support level at $289.8 and the day’s first major resistance level at $318.1.
An afternoon rally to an intraday high $315.2 saw DASH come within reach of the day’s first major resistance level at $318 before a late in the day reversal to the day’s ending $305.4, the failure to test the 23.6% FIB Retracement Level of $345.7 reaffirming the extended bearish trend.
At the time of writing, DASH was up 0.61% to $306.24, with early moves to a morning $308.755 high bucking the trend from the broader market, while falling short of the day’s first major resistance level at $314.33.
An early dip to a morning low $304.1 held well above the day’s first major support level at $297.3, with DASH continuing to find support at $300 in the early hours.
For the day ahead, a move through $315 would support a run at the day’s second major resistance level at $323.3, with DASH needing to break through to $320 levels to bring the 23.6% FIB Retracement Level of $345.69 into play.
While recent moves suggest a bottoming out, market sentiment will need to see a material improvement for DASH to break out from the day’s first major resistance level and support a run at the 23.6% FIB Retracement Level to kick off a bearish trend reversal.
Failure to move through $320 levels this morning will likely see DASH call on support at the day’s first major support level at $297.3, with a pullback to test the day’s second major support level at $289.3 in play should sentiment across the broader market deteriorate through the morning.
It’s been a positive start to the day, but DASH is going to need to make a move sooner rather than later to avoid a middle of the day reversal.
Major Support Level: $297.3
Major Resistance Level: $0314.3
Fib 23.6% Retracement Level: $345.69
Fib 38% Retracement Level: $384.35
Fib 62% Retracement Level: $446.83