Dogecoin – Daily Tech Analysis –June 2nd, 2021

Dogecoin

Dogecoin rallied by 13.57% on Tuesday. Following a 7.81% rally on Monday, Dogecoin ended the day at $0.3699.

A bullish start to the day saw Dogecoin rally to an early morning high $0.3462 before hitting reverse.

Dogecoin broke through the first major resistance level at $0.3392 before hitting reverse.

Falling short of $0.35 levels, Dogecoin slid to an early afternoon intraday low $0.3112.

Steering clear of the first major support level at $0.3031, Dogecoin surged to a late intraday high $0.3850.

Dogecoin broke back through the first major resistance level and also broke through the second major resistance level at $0.3527.

Coming within range of the third major resistance level at $0.3888, Dogecoin eased back to end the day at sub-$0.37 levels.

At the time of writing, Dogecoin was down by 2.32% to $0.3613. A mixed start to the day saw Dogecoin rise to an early morning high $0.3760 before falling to a low $0.3562.

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

For the day ahead

Dogecoin would need to avoid the $0.3553 pivot to bring the first major resistance level at $0.3995 into play.

Support from the broader market would be needed, however, for Dogecoin to break out from Tuesday’s high $0.3850.

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

In the event of another breakout, Dogecoin could test resistance at $0.45. The second major resistance level sits at $0.4292.

A fall through the $0.3554 pivot would bring the first major support level at $0.3257 into play.

Barring an extended sell-off, however, Dogecoin should steer clear of the 62% FIB of $0.2882. The second major support level sits at $0.2816.

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

Looking at the Technical Indicators

First Major Support Level: $0.3257

Pivot Level: $0.3554

First Major Resistance Level: $0.3995

Story continues

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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