Dogecoin – Daily Tech Analysis – May 27th, 2021


Dogecoin

Dogecoin rose by 2.02% on Wednesday. Following a 5.43% decline on Tuesday, Dogecoin ended the day at $0.3535.

A mixed start to the day saw Dogecoin fall to an early morning low $0.3392 before making a move.

Steering clear of the first major support level at $0.3192, Dogecoin rose to a late morning intraday high $0.3674.

Falling short of the first major resistance level at $0.3773, Dogecoin slid back to an early afternoon intraday low $0.3372.

Continuing to steer clear of the major support levels, Dogecoin moved back through to $0.35 levels to end the day in the green.

At the time of writing, Dogecoin was down by 2.69% to $0.3440. A mixed start to the day saw Dogecoin rise to an early morning high $0.3536 before falling to a low $0.3419.

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

For the day ahead

Dogecoin would need to move back through the $0.3534 pivot to bring the first major resistance level at $0.3675 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.36 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $0.3674 would likely cap any upside.

In the event of a broad-based crypto rebound, Dogecoin could test resistance at $0.40 before any pullback. The second major resistance level sits at $0.3816.

Failure to move back through the $0.3534 pivot would bring the first major support level at $0.3393 into play.

Barring an extended sell-off, however, Dogecoin should steer clear of the second major support level at $0.3252.

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: $0.3393

Pivot Level: $0.3534

First Major Resistance Level: $0.3675

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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