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Dogecoin – Daily Tech Analysis – May 26th, 2021

·2 min read

Dogecoin

Dogecoin fell by 5.43% on Tuesday. Partially reversing a 19.43% rally from Monday, Dogecoin ended the day at $0.3465.

A bullish start to the day saw Dogecoin rise to an early morning intraday high $0.3807 before hitting reverse.

Falling short of the first major resistance level at $0.3964, Dogecoin slid to a late morning intraday low $0.3226.

Steering clear of the first major support level at $0.3160, Dogecoin revisited $0.35 levels before easing back.

At the time of writing, Dogecoin was down by 1.15% to $0.3425. A mixed start to the day saw Dogecoin rise to an early morning high $0.3492 before falling to a low $0.3392.

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

For the day ahead

Dogecoin would need to move through the $0.3499 pivot to bring the first major resistance level at $0.3773 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 Tuesday’s high $0.3807 would likely cap any upside.

In the event of a broad-based crypto rebound, Dogecoin could test the second major resistance level at $0.4080.

Failure to move through the $0.3499 pivot would bring the first major support level at $0.3192 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.30 levels. The second major support level sits at $0.2918.

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: $0.3192

Pivot Level: $0.3499

First Major Resistance Level: $0.3773

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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