Dogecoin rallied by 6.75% on Monday. Partially reversing an 8.50% slide from Sunday, Dogecoin ended the day at $0.2562.
A bearish the start to the day saw Dogecoin fall to an early morning intraday low $0.2305 before making a move.
Steering clear of the first major support level at $0.2219, Dogecoin rallied to a late afternoon intraday high $0.2667.
Falling short of the first major resistance level at $0.2710, however, Dogecoin slid back to sub-$0.25 levels before finding support.
At the time of writing, Dogecoin was down by 0.61% to $0.2547. A mixed start to the day saw Dogecoin rise to an early morning high $0.2563 before falling to a low $0.2518.
Dogecoin left the major support and resistance levels untested early on.
For the day ahead
Dogecoin would need to avoid the $0.2511 pivot to bring the first major resistance level at $0.2718 into play.
Support from the broader market would be needed, however, for Dogecoin to break out from $0.26 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of another breakout, Dogecoin could test resistance at the 23.6% FIB of $0.3016. The second major resistance level sits at $0.2873.
A fall through the $0.2511 pivot would bring the first major support level at $0.2356 into play.
Barring an extended sell-off, however, Dogecoin should steer well clear of sub-$0.22 levels. The second major support level sits at $0.2149.
Looking at the Technical Indicators
First Major Support Level: $0.2356
Pivot Level: $0.2511
First Major Resistance Level: $0.2718
23.6% FIB Retracement Level: $0.3016
38.2% FIB Retracement Level: $0.3859
62% FIB Retracement Level: $0.5221
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This article was originally posted on FX Empire