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Dogecoin – Daily Tech Analysis – May 25th, 2021

By:
Bob Mason
Published: May 25, 2021, 02:13 UTC

It's been a mixed start to the day. A fall through the day's pivot levels could see Dogecoin give up Monday's gains...

Gold red bitcoin coin

Dogecoin

Dogecoin rallied by 19.43% on Monday. Reversing a 10.24% slide from Sunday, Dogecoin ended the day at $0.3664.

A mixed start to the day saw Dogecoin fall to an early morning intraday low $0.2956 before making a move.

Steering clear of the 62% FIB of $0.2882 and the first major support level at $0.2527, Dogecoin rallied to a late intraday high $0.3760.

Dogecoin broke through the first major resistance level at $0.3560 to end the day at $0.36 levels.

At the time of writing, Dogecoin was down by 1.40% to $0.3613. A mixed start to the day saw Dogecoin rise to an early morning high $0.3807 before falling to a low $0.3557.

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

DOGEUSD 250521 Hourly Chart

For the day ahead

Dogecoin would need to avoid the $0.3460 pivot to bring the first major resistance level at $0.3964 into play.

Support from the broader market would be needed, however, for Dogecoin to break out from the morning high $0.3807.

Barring an extended crypto rally, the first major resistance level and resistance at $0.40 would likely cap any upside.

In the event of a broad-based crypto rebound, Dogecoin could test the second major resistance level at $0.4264.

Failure to avoid the $0.3460 pivot would bring the first major support level at $0.3160 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of the 62% FIB of $0.2882. The second major support level sits at $0.2656.

A sustained fall through the 62% FIB of $0.2882 would form a near-term bearish trend from 8th May’s swing hi $0.7427.

Looking at the Technical Indicators

First Major Support Level: $0.3160

Pivot Level: $0.3460

First Major Resistance Level: $0.3964

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.

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