Dogecoin – Daily Tech Analysis – May 19th, 2021
Dogecoin
Dogecoin fell by 2.32% on Tuesday. Following a 5.14% slide on Monday, Dogecoin ended the day at $0.4761.
A bullish start to the day saw Dogecoin rise to a late morning intraday high $0.5154 before hitting reverse.
Falling short of the first major resistance level at $0.5179, Dogecoin slid to a late afternoon intraday low $0.4693.
Steering clear of the 38.2% FIB of $0.4618 and the first major support level at $0.4554, Dogecoin revisited $0.48 levels before easing back.
At the time of writing, Dogecoin was down by 0.34% to $0.4745. A mixed start to the day saw Dogecoin fall to an early morning low $0.4725 before rising to a high $0.4794.
Dogecoin left the major support and resistance levels untested early on.
For the day ahead
Dogecoin would need to move through the $0.4869 pivot to bring the first major resistance level at $0.5046 into play.
Support from the broader market would be needed, however, for Dogecoin to break back through to $0.50 levels.
Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.5154 would likely cap any upside.
In the event of another breakout, Dogecoin could test resistance at and the 23.6% FIB of $0.5691 before any pullback. The second major resistance level sits at $0.5330.
Failure to move through the $0.4869 pivot would bring the 38.2% FIB of $0.4618 and the first major support level at $0.4585 into play.
Barring an extended sell-off, however, Dogecoin should steer clear of the second major support level at $0.4408.
Looking at the Technical Indicators
First Major Support Level: $0.4585
Pivot Level: $0.4869
First Major Resistance Level: $0.5046
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
