Dogecoin – Daily Tech Analysis – May 17th, 2021
Dogecoin rose by 0.98% on Sunday. Partially reversing a 9.18% slide from Saturday, Dogecoin ended the week down by 10.07% to $0.5138.
A mixed start to the day saw Dogecoin fall to an early morning low $0.5060 before making a move.
Steering clear of the major support levels, Dogecoin rallied to an early morning intraday high $0.5495.
Falling short of the first major resistance level at $0.5520, Dogecoin tumbled to a late intraday low $0.4503.
The sell-off saw Dogecoin fall through the first major support level at $0.4780 and the 38.2% FIB of $0.4618.
Steering clear of sub-$0.40 levels, however, Dogecoin found late support to end the day at $0.51 levels.
At the time of writing, Dogecoin was down by 1.64% to $0.5054. A mixed start to the day saw Dogecoin rise to an early morning high $0.5164 before falling to a low $0.5038.
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 $0.5045 pivot to bring the first major resistance level at $0.5588 and the 23.6% FIB of $0.5691 into play.
Support from the broader market would be needed, however, for Dogecoin to break back through to $0.55 levels.
Barring an extended crypto rally, the first major resistance level and 23.6% FIB would likely cap any upside.
In the event of another breakout, Dogecoin could test resistance at $0.60 levels before any pullback. The second major resistance level sits at $0.6037.
Failure to avoid a fall back through the $0.5045 pivot would bring the 38.2% FIB of $0.4618 and the first major support level at $0.4596 into play.
Barring an extended sell-off, however, Dogecoin should steer clear of the second major support level at $0.4053.
Looking at the Technical Indicators
First Major Support Level: $0.4596
Pivot Level: $0.5045
First Major Resistance Level: $0.5588
23.6% FIB Retracement Level: $0.5691
38.2% FIB Retracement Level: $0.4618
62% FIB Retracement Level: $0.2882
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