Dogecoin – Daily Tech Analysis – May 31st, 2021

Dogecoin

Dogecoin fell by 0.33% on Sunday. Following a 2.63% decline from Saturday, Dogecoin ended the week down by 1.55% to $0.3021.

A mixed start to the day saw Dogecoin fall to an early morning low $0.2866 before making a move.

Finding support at the first major support level at $0.2897 and the 62% FIB of $0.2882, Dogecoin rose to a mid-morning intraday high $0.3110.

Falling short of the first major resistance level at $0.3173, Dogecoin fell back to sub-$0.30 levels before finding support.

Dogecoin briefly revisited $0.31 levels before falling back into the red.

At the time of writing, Dogecoin was down by 0.60% to $0.3002. A mixed start to the day saw Dogecoin rise to an early morning high $0.3055 before falling to a low $0.2982.

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 $0.2999 pivot to bring the first major resistance level at $0.3132 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.31 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.3110 would likely cap any upside.

In the event of a broad-based crypto rebound, Dogecoin could test resistance at $0.33 before any pullback. The second major resistance level sits at $0.3243.

Failure to avoid a fall back through the $0.2999 pivot would bring the first major support level at $0.2888 and the 62% FIB of $0.2882 into play.

Barring an extended sell-off, however, Dogecoin should steer clear of the second major support level at $0.2755.

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: $0.2888

Pivot Level: $0.2999

First Major Resistance Level: $0.3132

23.6% FIB Retracement Level: $0.5691

38.2% FIB Retracement Level: $0.4618

62% FIB Retracement Level: $0.2882