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Dogecoin – Daily Tech Analysis – June 21st, 2021

·2 min read

Dogecoin

Dogecoin fell by 1.93% on Sunday. Following on from a 2.59% decline on Saturday, Dogecoin ended the week down by 13.47% to $0.2802.

A bearish morning saw Dogecoin slide to a midday intraday low $0.2554 before making a move.

The extended sell-off saw Dogecoin fall through the day’s major support levels.

Finding support from the broader market, however, Dogecoin rallied to a late intraday high $0.2897.

While falling short of the first major resistance level at $0.2939, Dogecoin tested resistance at the 62% FIB of $0.2882 before hitting reverse.

The reversal saw Dogecoin fall back through the first major support level at $0.2816 to end the day at sub-$0.2810 levels.

At the time of writing, Dogecoin was down by 1.11% to $0.2771. A mixed start to the day saw Dogecoin rise to an early morning high $0.2811 before falling to a low $0.2753.

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

For the day ahead

Dogecoin would need to avoid the $0.2751 pivot to bring the 62% FIB of $0.2882 and the first major resistance level at $0.2948 into play.

Support from the broader market would be needed, however, for Dogecoin to break out from the 62% FIB of $0.2882.

Barring an extended crypto rally, the first major resistance level and resistance at $0.30 would likely cap any upside.

In the event of a breakout, Dogecoin could test resistance at $0.32 before any pullback. The second major resistance level sits at $0.3094.

A fall through the $0.2751 pivot would bring the first major support level at $0.2605 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.25 levels. The second major support level sits at $0.2408.

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: $0.2605

Pivot Level: $0.2751

First Major Resistance Level: $0.2948

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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