Dogecoin – Daily Tech Analysis – May 24th, 2021

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Published: May 24, 2021, 01:01 UTC

It's a bullish start to the day for Dogecoin. Steering clear of the day's pivot levels would bring resistance levels into play.

Dogecoin

Dogecoin slid by 10.24% on Sunday. Following on from a 4.58% decline on Saturday, Dogecoin ended the week down by 40.28% to $0.3068.

A mixed start to the day saw Dogecoin rise to an early morning intraday high $0.3510 before hitting reverse.

Falling short of the first major resistance level at $0.3649, Dogecoin tumbled to a late afternoon intraday low $0.2477.

The sell-off saw Dogecoin slide through the first major support level at $0.3179 and the second major support level at $0.2939.

More significantly, Dogecoin also fell through the 62% FIB of $0.2882.

Finding afternoon support, however, Dogecoin broke back through the 62% FIB and the second major support level to end the day at $0.30 levels.

At the time of writing, Dogecoin was up by 1.39% to $0.3111. A bullish start to the day saw Dogecoin rise from an early morning low $0.3068 to a high $0.3186.

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

For the day ahead

Dogecoin would need to avoid the $0.3018 pivot to bring the first major resistance level at $0.3560 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.35 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.3510 would likely cap any upside.

In the event of a broad-based crypto rebound, Dogecoin could test the second major resistance level at $0.4051.

Failure to avoid the $0.3018 pivot would bring the 62% FIB of $0.2882 and the first major support level at $0.2527 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.20 levels. The second major support level sits at $0.1985.

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: $0.1985

Pivot Level: $0.3018

First Major Resistance Level: $0.3560

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.