Dogecoin – Daily Tech Analysis –June 1st, 2021

Bob Mason
Published: Jun 1, 2021, 00:59 GMT+00:00

It's a bullish start to the day for Dogecoin. Avoiding the day's pivot level at $0.3166 would support another breakout day.

Dogecoin is a modern way of exchange and this crypto currency


Dogecoin rose by 7.81% on Monday. Reversing a 0.33% loss from Sunday, Dogecoin ended the month down by 3.71% to $0.3257.

A bearish start to the day saw Dogecoin fall to an early morning intraday low $0.2940 before making a move.

Steering clear of the first major support level at $0.2888 and the 62% FIB of $0.2882, Dogecoin rallied to a late intraday high $0.3301.

Dogecoin broke through the first major resistance level at $0.3132 and the second major resistance level at $0.3243.

In spite of easing back late in the day, Dogecoin avoided a fall back through the second major resistance level.

At the time of writing, Dogecoin was up by 0.33% to $0.3268. A mixed start to the day saw Dogecoin fall to an early morning low $0.3244 before rising to a high $0.3283.

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

DOGEUSD 010621 Hourly Chart

For the day ahead

Dogecoin would need to avoid a fall through the $0.3031 pivot to bring the first major resistance level at $0.3392 into play.

Support from the broader market would be needed, however, for Dogecoin to break out from Monday’s high $0.3301.

Barring an extended crypto rally, the first major resistance level and resistance at $0.34 would likely cap any upside.

In the event of a broad-based crypto rebound, Dogecoin could test resistance at $0.36 before any pullback. The second major resistance level sits at $0.3527.

Failure to avoid a fall through the $0.3166 pivot would bring the first major support level at $0.3031 into play.

Barring an extended sell-off, however, Dogecoin should steer clear of sub-$0.30 levels and the 62% FIB of $0.2882. The second major support level sits at $0.2805.

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: $0.3031

Pivot Level: $0.3166

First Major Resistance Level: $0.3392

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

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

Did you find this article useful?