Dogecoin – Daily Tech Analysis – May 25th, 2021


Dogecoin

Dogecoin rallied by 19.43% on Monday. Reversing a 10.24% slide from Sunday, Dogecoin ended the day at $0.3664.

A mixed start to the day saw Dogecoin fall to an early morning intraday low $0.2956 before making a move.

Steering clear of the 62% FIB of $0.2882 and the first major support level at $0.2527, Dogecoin rallied to a late intraday high $0.3760.

Dogecoin broke through the first major resistance level at $0.3560 to end the day at $0.36 levels.

At the time of writing, Dogecoin was down by 1.40% to $0.3613. A mixed start to the day saw Dogecoin rise to an early morning high $0.3807 before falling to a low $0.3557.

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

For the day ahead

Dogecoin would need to avoid the $0.3460 pivot to bring the first major resistance level at $0.3964 into play.

Support from the broader market would be needed, however, for Dogecoin to break out from the morning high $0.3807.

Barring an extended crypto rally, the first major resistance level and resistance at $0.40 would likely cap any upside.

In the event of a broad-based crypto rebound, Dogecoin could test the second major resistance level at $0.4264.

Failure to avoid the $0.3460 pivot would bring the first major support level at $0.3160 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of the 62% FIB of $0.2882. The second major support level sits at $0.2656.

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: $0.3160

Pivot Level: $0.3460

First Major Resistance Level: $0.3964

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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