Dogecoin – Daily Tech Analysis – May 11th, 2021

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Published: May 11, 2021, 00:57 UTC

It's a bullish start to the day. Dogecoin would need to move through the day's $0.4815 pivot, however, to bring resistance levels into play.

Dogecoin

Dogecoin tumbled by 21.09% on Monday. Following on from a 10.34% slide on Sunday, Dogecoin ended the day at $0.4508.

A mixed start to the day saw Dogecoin rise to an early morning intraday high $0.5728 before hitting reverse.

Falling short of the first major resistance level at $0.7090, Dogecoin tumbled to a late intraday low $0.4210.

Dogecoin fell through the 23.6% FIB of $0.5691, the 38.2% FIB of $0.4618, and the first major support level at $0.4273.

Finding late support, however, Dogecoin broke back through first major support level and the 38.2% FIB to revisit $0.47 levels before easing back.

The pullback saw Dogecoin fall back through the 38.2% FIB to end the day at sub-$0.46 levels.

At the time of writing, Dogecoin was up by 2.36% to $0.4615. A mixed start to the day saw Dogecoin fall to an early morning low $0.4434 before rising to a high $0.4765.

While leaving the major support and resistance levels untested early on, Dogecoin broke through the 38.2% FIB of $0.4618.

For the day ahead

Dogecoin would need to move back through the 38.2% FIB of $0.4618 and the $0.4815 pivot to bring the first major resistance level at $0.5421 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.50 levels.

Barring an extended crypto rally, the first major resistance level and the 23.6% FIB of $0.5691 would likely cap any upside.

In the event of another breakout, Dogecoin could test resistance at $0.70. The second major resistance level sits at $0.6333.

Failure to move back through the 38.2% FIB and the $0.4815 pivot would bring the first major support level at $0.3903 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.35 levels. The second major support level sits at $0.3297.

Looking at the Technical Indicators

First Major Support Level: $0.3903

Pivot Level: $0.4815

First Major Resistance Level: $0.5421

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.