Dogecoin – Daily Tech Analysis –June 9th, 2021

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Published: Jun 9, 2021, 03:35 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 fell by 1.63% on Tuesday. Following a 10.71% slide on Monday, Dogecoin ended the day at $0.3263.

A bullish start to the day saw Dogecoin rise to an early morning intraday high $0.3418 before hitting reverse.

Falling short of the first major resistance level at $0.3653, Dogecoin slid to a mid-afternoon intraday low $0.2961.

The extended sell-off saw Dogecoin fall through the first major support level at 0.3129. Steering clear of the second major support level at $0.2942, Dogecoin broke back through the first major support level to end the day at $0.32 levels.

At the time of writing, Dogecoin was down by 1.86% to $0.3203. A mixed start to the day saw Dogecoin rise to an early morning high $0.3282 before falling to a low $0.3126.

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

For the day ahead

Dogecoin would need to move back through the $0.3214 pivot to bring the first major resistance level at $0.3467 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.34 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.3418 would likely cap any upside.

In the event of another breakout, Dogecoin could test resistance at $0.38 before any pullback. The second major resistance level sits at $0.3671.

Failure to move back through the $0.3214 pivot would bring the first major support level at $0.3010 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.29 levels. The second major support level sits at $0.2757.

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: $0.3010

Pivot Level: $0.3214

First Major Resistance Level: $0.3467

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.