Dogecoin – Daily Tech Analysis – May 24th, 2021


Dogecoin

Dogecoin slid by 10.24% on Sunday. Following on from a 4.58% decline on Saturday, Dogecoin ended the week down by 40.28% to $0.3068.

A mixed start to the day saw Dogecoin rise to an early morning intraday high $0.3510 before hitting reverse.

Falling short of the first major resistance level at $0.3649, Dogecoin tumbled to a late afternoon intraday low $0.2477.

The sell-off saw Dogecoin slide through the first major support level at $0.3179 and the second major support level at $0.2939.

More significantly, Dogecoin also fell through the 62% FIB of $0.2882.

Finding afternoon support, however, Dogecoin broke back through the 62% FIB and the second major support level to end the day at $0.30 levels.

At the time of writing, Dogecoin was up by 1.39% to $0.3111. A bullish start to the day saw Dogecoin rise from an early morning low $0.3068 to a high $0.3186.

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

For the day ahead

Dogecoin would need to avoid the $0.3018 pivot to bring the first major resistance level at $0.3560 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.35 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.3510 would likely cap any upside.

In the event of a broad-based crypto rebound, Dogecoin could test the second major resistance level at $0.4051.

Failure to avoid the $0.3018 pivot would bring the 62% FIB of $0.2882 and the first major support level at $0.2527 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.20 levels. The second major support level sits at $0.1985.

A sustained fall through the 62% FIB of $0.2882 would form a near-term bearish trend from 8th May’s swing hi $0.7427.

Looking at the Technical Indicators

First Major Support Level: $0.1985

Pivot Level: $0.3018

First Major Resistance Level: $0.3560

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



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