Dogecoin – Daily Tech Analysis –June 23rd, 2021

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Published: Jun 23, 2021, 00:41 UTC

It's been a bearish start to the day. Failure to move back through the day's pivot level would leave support levels in play.

Dogecoin

Dogecoin rallied by 6.83% on Tuesday. Partially reversing a 36.3% tumble from Monday, Dogecoin ended the day at $0.1908.

A mixed start to the day saw Dogecoin slide to an early morning low $0.1656 before making a move.

Steering clear of the first major support level at $0.1355, Dogecoin rallied to an early morning intraday high $0.2168.

Falling well short of the first major resistance level at $0.2513, Dogecoin slid back to $0.16 levels before finding support.

A Dogecoin recovery to $0.19 levels delivered the upside on the day.

At the time of writing, Dogecoin was down by 3.11% to $0.1849. A mixed start to the day saw Dogecoin rise to an early morning high $0.1925 before falling to a low $0.1805.

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

For the day ahead

Dogecoin would need to move back the $0.1902 pivot to bring the first major resistance level at $0.2174 into play.

Support from the broader market would be needed, however, for Dogecoin to break out from Tuesday’s high $0.2168.

Barring an extended crypto rally, the first major resistance level and resistance at $0.22 would likely cap any upside.

In the event of a breakout, Dogecoin could test resistance at $0.25 before any pullback. The second major resistance level sits at $0.2441.

Failure to move back through the $0.1902 pivot would bring the first major support level at $0.1635 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.15 levels. The second major support level sits at $0.1363.

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

Looking at the Technical Indicators

First Major Support Level: $0.1635

Pivot Level: $0.1902

First Major Resistance Level: $0.2174

23.6% FIB Retracement Level: $0.3016

38.2% FIB Retracement Level: $0.3859

62% FIB Retracement Level: $0.5221

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.