Dogecoin – Daily Tech Analysis – May 19th, 2021


Dogecoin

Dogecoin fell by 2.32% on Tuesday. Following a 5.14% slide on Monday, Dogecoin ended the day at $0.4761.

A bullish start to the day saw Dogecoin rise to a late morning intraday high $0.5154 before hitting reverse.

Falling short of the first major resistance level at $0.5179, Dogecoin slid to a late afternoon intraday low $0.4693.

Steering clear of the 38.2% FIB of $0.4618 and the first major support level at $0.4554, Dogecoin revisited $0.48 levels before easing back.

At the time of writing, Dogecoin was down by 0.34% to $0.4745. A mixed start to the day saw Dogecoin fall to an early morning low $0.4725 before rising to a high $0.4794.

Dogecoin left the major support and resistance levels untested early on.

For the day ahead

Dogecoin would need to move through the $0.4869 pivot to bring the first major resistance level at $0.5046 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.50 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.5154 would likely cap any upside.

In the event of another breakout, Dogecoin could test resistance at and the 23.6% FIB of $0.5691 before any pullback. The second major resistance level sits at $0.5330.

Failure to move through the $0.4869 pivot would bring the 38.2% FIB of $0.4618 and the first major support level at $0.4585 into play.

Barring an extended sell-off, however, Dogecoin should steer clear of the second major support level at $0.4408.

Looking at the Technical Indicators

First Major Support Level: $0.4585

Pivot Level: $0.4869

First Major Resistance Level: $0.5046

23.6% FIB Retracement Level: $0.5691

38.2% FIB Retracement Level: $0.4618

62% FIB Retracement Level: $0.2882

Please let us know what you think in the comments below.

Thanks, Bob

This article was originally posted on FX Empire

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