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Dogecoin – Daily Tech Analysis –June 16th, 2021

·2 min read

Dogecoin

Dogecoin fell by 2.20% on Tuesday. Reversing a 1.11% gain from Monday, Dogecoin ended the day at $0.3203.

A mixed start to the day saw Dogecoin rise to an early morning intraday high $0.3306 before hitting reverse.

Falling well short of the first major resistance level at $0.3367, Dogecoin slid to an early afternoon intraday low $0.3165.

Dogecoin fell through the first major support level at $0.3191 before a partial recovery to $0.32 levels.

At the time of writing, Dogecoin was down by 0.09% to $0.3200. A mixed start to the day saw Dogecoin fall to an early morning low $0.3184 before rising to a high $0.3215.

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

For the day ahead

Dogecoin would need to move through the $0.3225 pivot to bring the first major resistance level at $0.3284 into play.

Support from the broader market would be needed, however, for Dogecoin to break out from $0.3250 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.3306 would likely cap any upside.

In the event of a breakout, Dogecoin could test the second major resistance level at $0.3366 and resistance at $0.35. The third major resistance level sits at $0.3507.

Failure to move through the $0.3225 pivot would bring the first major support level at $0.3143 into play.

Barring an extended sell-off, however, Dogecoin should steer clear of sub-$0.31 levels. The second major support level sits at $0.3084.

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: $0.3143

Pivot Level: $0.3225

First Major Resistance Level: $0.3284

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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