Dogecoin slid by 10.43% on Monday. Following a 3.48% loss on Sunday, Dogecoin ended the day at $0.2087.
A mixed start to the day saw Dogecoin rise to an early morning intraday high $0.2335 before hitting reverse.
Falling short of the first major resistance level at $0.2394, Dogecoin slid to a mid-day intraday low $0.1990.
Dogecoin fell through the day’s major support levels before finding support.
Through the early afternoon, Dogecoin broke back through the third major support level at $0.2137 before ending the day at sub-$0.21 levels.
At the time of writing, Dogecoin was down by 2.43% to $0.2037. A mixed start to the day saw Dogecoin rise to an early morning high $0.2087 before falling to a low $0.1988.
Dogecoin left the major support and resistance levels untested early on.
For the day ahead
Dogecoin would need to move through the $0.2137 pivot to bring the first major resistance level at $0.2285 into play.
Support from the broader market would be needed, however, for Dogecoin to break back through the first major support level to $0.22 levels.
Barring an extended crypto rally, the first major resistance level would likely cap the upside
In the event of a broad-based crypto rally, Dogecoin could test resistance at $0.25 levels before any pullback. The second major resistance level sits at $0.2482.
Failure to move through $0.2137 pivot would bring the first major support level at $0.1940 into play.
Barring another extended sell-off, however, Dogecoin should avoid sub-$0.18 levels. The second major support level sits at $0.1792.
Looking at the Technical Indicators
First Major Support Level: $0.1940
Pivot Level: $0.2137
First Major Resistance Level: $0.2285
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