Dogecoin – Daily Tech Analysis – May 13th, 2021It’s a bullish start to the day following yesterday’s tumble. Avoiding a fall back through the pivot level would bring resistance levels into play.
Dogecoin tumbled by 20.89% on Wednesday. Reversing a 9.61% gain from Tuesday, Dogecoin ended the day at $0.3909.
A mixed start to the day saw Dogecoin rise to an early morning intraday high $0.5229 before hitting reverse.
Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Falling short of the first major resistance level at $0.5470, Dogecoin slid to a late intraday low $0.3800.
Dogecoin fell through the first major support level at $0.4423 and the 38.2% FIB of $0.4618.
The extended sell-off also saw Dogecoin fall through the second major support level at $0.3905 before ending the day at $0.3909.
At the time of writing, Dogecoin was up by 11.06% to $0.4341. A mixed start to the day saw Dogecoin fall to an early morning low $0.3503 before rising to a high $0.4363.
Dogecoin left the major support and resistance levels untested early on.
For the day ahead
Dogecoin would need to avoid a fall back through the $0.4313 pivot to bring the 38.2% FIB of $0.4618 and the first major resistance level at $0.4825 into play.
Support from the broader market would be needed, however, for Dogecoin to break out from $0.45 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $0.50 would likely cap any upside.
In the event of another breakout, Dogecoin could test resistance at the 23.6% FIB of $0.5691 and the second major resistance level at $0.5742.
Failure to avoid a fall back through the $0.4313 pivot would bring the first major support level at $0.3396 into play.
Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.30 levels. The second major support level sits at $0.2884.
Looking at the Technical Indicators
First Major Support Level: $0.3396
Pivot Level: $0.4313
First Major Resistance Level: $0.4825
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.