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Dogecoin – Daily Tech Analysis – May 26th, 2021

By:
Bob Mason
Published: May 26, 2021, 00:57 GMT+00:00

It's a bearish start to the day. Failure to move back through to $0.35 levels would bring support levels into play.

Top view of Dogecoin cryptocurrency physical coin

Dogecoin

Dogecoin fell by 5.43% on Tuesday. Partially reversing a 19.43% rally from Monday, Dogecoin ended the day at $0.3465.

A bullish start to the day saw Dogecoin rise to an early morning intraday high $0.3807 before hitting reverse.

Falling short of the first major resistance level at $0.3964, Dogecoin slid to a late morning intraday low $0.3226.

Steering clear of the first major support level at $0.3160, Dogecoin revisited $0.35 levels before easing back.

At the time of writing, Dogecoin was down by 1.15% to $0.3425. A mixed start to the day saw Dogecoin rise to an early morning high $0.3492 before falling to a low $0.3392.

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

DOGEUSD 260521 Hourly Chart

For the day ahead

Dogecoin would need to move through the $0.3499 pivot to bring the first major resistance level at $0.3773 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.3750 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.3807 would likely cap any upside.

In the event of a broad-based crypto rebound, Dogecoin could test the second major resistance level at $0.4080.

Failure to move through the $0.3499 pivot would bring the first major support level at $0.3192 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.30 levels. The second major support level sits at $0.2918.

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: $0.3192

Pivot Level: $0.3499

First Major Resistance Level: $0.3773

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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