Dogecoin – Daily Tech Analysis –June 2nd, 2021

By:

Bob Mason

Published: Jun 2, 2021, 00:44 UTC

It's been a mixed start to the day. A Dogecoin move back through to $0.37 levels would bring $0.40 levels into play.

Dogecoin

Dogecoin rallied by 13.57% on Tuesday. Following a 7.81% rally on Monday, Dogecoin ended the day at $0.3699.

A bullish start to the day saw Dogecoin rally to an early morning high $0.3462 before hitting reverse.

Dogecoin broke through the first major resistance level at $0.3392 before hitting reverse.

Falling short of $0.35 levels, Dogecoin slid to an early afternoon intraday low $0.3112.

Steering clear of the first major support level at $0.3031, Dogecoin surged to a late intraday high $0.3850.

Dogecoin broke back through the first major resistance level and also broke through the second major resistance level at $0.3527.

Coming within range of the third major resistance level at $0.3888, Dogecoin eased back to end the day at sub-$0.37 levels.

At the time of writing, Dogecoin was down by 2.32% to $0.3613. A mixed start to the day saw Dogecoin rise to an early morning high $0.3760 before falling to a low $0.3562.

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

For the day ahead

Dogecoin would need to avoid the $0.3553 pivot to bring the first major resistance level at $0.3995 into play.

Support from the broader market would be needed, however, for Dogecoin to break out from Tuesday’s high $0.3850.

Barring an extended crypto rally, the first major resistance level and resistance at $0.40 would likely cap any upside.

In the event of another breakout, Dogecoin could test resistance at $0.45. The second major resistance level sits at $0.4292.

A fall through the $0.3554 pivot would bring the first major support level at $0.3257 into play.

Barring an extended sell-off, however, Dogecoin should steer clear of the 62% FIB of $0.2882. The second major support level sits at $0.2816.

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: $0.3257

Pivot Level: $0.3554

First Major Resistance Level: $0.3995

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.