Dogecoin slid by 6.21% on Monday. Following a 0.04% decline on Sunday, Dogecoin ended the day at $0.2311.
Bearish from the start of the day, Dogecoin fell from an early morning intraday high $0.2466 to a late morning intraday low $0.2259.
Dogecoin fell through the day’s major support levels before finding late morning support.
Through the afternoon, Dogecoin broke back through the third major support level at $0.2285 to revisit $0.236 levels.
A bearish end to the day, however, saw Dogecoin fall back to end the day at $0.231 levels.
At the time of writing, Dogecoin was up by 1.21% to $0.2339. A mixed start to the day saw Dogecoin fall to an early morning low $0.2308 before rising to a high $0.2349.
Dogecoin left the major support and resistance levels untested early on.
For the day ahead
Dogecoin would need to move back through the $0.2345 pivot to bring the first major resistance level at $0.2432 into play.
Support from the broader market would be needed, however, for Dogecoin to break back through to $0.24 levels.
Barring an extended crypto rally, the first major resistance level and Monday’s high $0.2466 would likely cap any upside.
In the event of a breakout, Dogecoin could test resistance at $0.26 levels before any pullback. The second major resistance level sits at $0.2552.
Failure to move back through the $0.2345 pivot would bring the first major support level at $0.2225 into play.
Barring another extended sell-off, however, Dogecoin should steer clear of sub $0.21 levels. The second major support level at $0.2138 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $0.2225
Pivot Level: $0.2345
First Major Resistance Level: $0.2432
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