Dogecoin – Daily Tech Analysis – June 21st, 2021

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Published: Jun 21, 2021, 00:53 UTC

It's a bearish start to the day. Avoiding a fall through the day's pivot level would bring resistance levels into play, however.

Dogecoin

Dogecoin fell by 1.93% on Sunday. Following on from a 2.59% decline on Saturday, Dogecoin ended the week down by 13.47% to $0.2802.

A bearish morning saw Dogecoin slide to a midday intraday low $0.2554 before making a move.

The extended sell-off saw Dogecoin fall through the day’s major support levels.

Finding support from the broader market, however, Dogecoin rallied to a late intraday high $0.2897.

While falling short of the first major resistance level at $0.2939, Dogecoin tested resistance at the 62% FIB of $0.2882 before hitting reverse.

The reversal saw Dogecoin fall back through the first major support level at $0.2816 to end the day at sub-$0.2810 levels.

At the time of writing, Dogecoin was down by 1.11% to $0.2771. A mixed start to the day saw Dogecoin rise to an early morning high $0.2811 before falling to a low $0.2753.

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

For the day ahead

Dogecoin would need to avoid the $0.2751 pivot to bring the 62% FIB of $0.2882 and the first major resistance level at $0.2948 into play.

Support from the broader market would be needed, however, for Dogecoin to break out from the 62% FIB of $0.2882.

Barring an extended crypto rally, the first major resistance level and resistance at $0.30 would likely cap any upside.

In the event of a breakout, Dogecoin could test resistance at $0.32 before any pullback. The second major resistance level sits at $0.3094.

A fall through the $0.2751 pivot would bring the first major support level at $0.2605 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.25 levels. The second major support level sits at $0.2408.

A sustained fall through the 62% FIB of $0.2882 would form a near-term bearish trend from 8^th May’s swing hi $0.7427.

Looking at the Technical Indicators

First Major Support Level: $0.2605

Pivot Level: $0.2751

First Major Resistance Level: $0.2948

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.