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Dogecoin – Daily Tech Analysis –June 7th, 2021

·2 min read

Dogecoin

Dogecoin rose by 0.03% on Sunday. Following a 1.28% loss on Saturday, Dogecoin ended the week up by 23.00% to $0.3715.

A mixed start to the day saw Dogecoin rise to a mid-morning intraday high $0.3771 before hitting reverse.

Falling short of the first major resistance level at $0.3883, Dogecoin fell to an early afternoon intraday low $0.3669.

Steering clear of the first major support level at $0.3573, Dogecoin revisited $0.374 levels before easing back.

At the time of writing, Dogecoin was up by 0.07% to $0.3718. A mixed start to the day saw Dogecoin fall to an early morning low $0.3694 before rising to a high $0.3739.

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

For the day ahead

Dogecoin would need to avoid a fall back through the $0.0.3718 pivot to bring the first major resistance level at $0.3768 back into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.3750 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.3771 would likely cap any upside.

In the event of another breakout, Dogecoin could test resistance at $0.40 before any pullback. The second major resistance level sits at $0.3820 and the third major resistance level at $0.3922.

A fall back through the $0.3718 pivot would bring the first major support level at $0.3666 into play.

Barring an extended sell-off, however, Dogecoin should steer clear of the third major support level at $0.3514. The second major support level at $0.3616 should limit the downside.

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: $0.3666

Pivot Level: $0.3718

First Major Resistance Level: $0.3768

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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