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Dogecoin – Daily Tech Analysis –June 9th, 2021

·2 min read

Dogecoin

Dogecoin fell by 1.63% on Tuesday. Following a 10.71% slide on Monday, Dogecoin ended the day at $0.3263.

A bullish start to the day saw Dogecoin rise to an early morning intraday high $0.3418 before hitting reverse.

Falling short of the first major resistance level at $0.3653, Dogecoin slid to a mid-afternoon intraday low $0.2961.

The extended sell-off saw Dogecoin fall through the first major support level at 0.3129. Steering clear of the second major support level at $0.2942, Dogecoin broke back through the first major support level to end the day at $0.32 levels.

At the time of writing, Dogecoin was down by 1.86% to $0.3203. A mixed start to the day saw Dogecoin rise to an early morning high $0.3282 before falling to a low $0.3126.

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

For the day ahead

Dogecoin would need to move back through the $0.3214 pivot to bring the first major resistance level at $0.3467 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.34 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.3418 would likely cap any upside.

In the event of another breakout, Dogecoin could test resistance at $0.38 before any pullback. The second major resistance level sits at $0.3671.

Failure to move back through the $0.3214 pivot would bring the first major support level at $0.3010 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.29 levels. The second major support level sits at $0.2757.

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: $0.3010

Pivot Level: $0.3214

First Major Resistance Level: $0.3467

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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