U.S. Markets open in 1 hr 15 mins
  • S&P Futures

    3,902.00
    +4.25 (+0.11%)
     
  • Dow Futures

    31,241.00
    +39.00 (+0.12%)
     
  • Nasdaq Futures

    11,838.00
    -40.25 (-0.34%)
     
  • Russell 2000 Futures

    1,771.50
    -3.40 (-0.19%)
     
  • Crude Oil

    110.35
    +0.46 (+0.42%)
     
  • Gold

    1,845.10
    +3.90 (+0.21%)
     
  • Silver

    21.87
    -0.03 (-0.13%)
     
  • EUR/USD

    1.0562
    -0.0026 (-0.2429%)
     
  • 10-Yr Bond

    2.7870
    -0.0680 (-2.38%)
     
  • Vix

    29.43
    +0.08 (+0.27%)
     
  • GBP/USD

    1.2495
    +0.0020 (+0.1587%)
     
  • USD/JPY

    127.8500
    +0.0560 (+0.0438%)
     
  • BTC-USD

    29,059.39
    -406.49 (-1.38%)
     
  • CMC Crypto 200

    650.34
    -23.03 (-3.42%)
     
  • FTSE 100

    7,389.98
    +87.24 (+1.19%)
     
  • Nikkei 225

    26,739.03
    +336.19 (+1.27%)
     

Dogecoin – Daily Tech Analysis – May 24th, 2021

·2 min read

Dogecoin

Dogecoin slid by 10.24% on Sunday. Following on from a 4.58% decline on Saturday, Dogecoin ended the week down by 40.28% to $0.3068.

A mixed start to the day saw Dogecoin rise to an early morning intraday high $0.3510 before hitting reverse.

Falling short of the first major resistance level at $0.3649, Dogecoin tumbled to a late afternoon intraday low $0.2477.

The sell-off saw Dogecoin slide through the first major support level at $0.3179 and the second major support level at $0.2939.

More significantly, Dogecoin also fell through the 62% FIB of $0.2882.

Finding afternoon support, however, Dogecoin broke back through the 62% FIB and the second major support level to end the day at $0.30 levels.

At the time of writing, Dogecoin was up by 1.39% to $0.3111. A bullish start to the day saw Dogecoin rise from an early morning low $0.3068 to a high $0.3186.

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

For the day ahead

Dogecoin would need to avoid the $0.3018 pivot to bring the first major resistance level at $0.3560 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.35 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.3510 would likely cap any upside.

In the event of a broad-based crypto rebound, Dogecoin could test the second major resistance level at $0.4051.

Failure to avoid the $0.3018 pivot would bring the 62% FIB of $0.2882 and the first major support level at $0.2527 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.20 levels. The second major support level sits at $0.1985.

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: $0.1985

Pivot Level: $0.3018

First Major Resistance Level: $0.3560

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

More From FXEMPIRE: