After a bullish end to a bearish week, the Dogecoin bulls will be eyeing a return to $0.30 levels. Avoiding a fall through the pivot will be key, however.
Dogecoin rallied by 7.69% on Sunday. Following a 3.49% gain from Saturday, Dogecoin ended the week down by 5.54% to $0.2647.
A mixed start to the day saw Dogecoin fall to a late morning intraday low $0.2403 before making a move.
Steering clear of the first major support level at $0.2326, Dogecoin rallied to a final hour intraday high $0.2676.
Dogecoin broke through the first major resistance level at $0.2572 to end the day at $0.264 levels.
At the time of writing, Dogecoin was down by 1.64% to $0.2604. A mixed start to the day saw Dogecoin rise to an early morning high $0.2673 before falling to a low $0.2575.
Dogecoin left the major support and resistance levels untested early on.
Dogecoin would need to avoid a fall through the $0.2575 pivot to bring the first major resistance level at $0.2748 into play.
Support from the broader market would be needed, however, for Dogecoin to break out from Sunday’s high $0.2676.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of another breakout, Dogecoin could test resistance at the 23.6% FIB of $0.3016 before any pullback. The second major resistance level sits at $0.2848.
A fall through the $0.2575 pivot would bring the first major support level at $0.2475 into play.
Barring an extended sell-off, however, Dogecoin should steer clear of the second major support level at $0.2302.
First Major Support Level: $0.2475
Pivot Level: $0.2575
First Major Resistance Level: $0.2748
23.6% FIB Retracement Level: $0.3016
38.2% FIB Retracement Level: $0.3859
62% FIB Retracement Level: $0.5221
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Thanks, Bob
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.