Dogecoin – Daily Tech Analysis – May 7th, 2021It’s a bearish start to the day for Dogecoin. Failure to move through the day’s pivot would leave support levels in play.
Dogecoin slid by 11.15% on Thursday. Reversing a 10.94% gain from Wednesday, Dogecoin ended the day at $0.5811.
It was a mixed start to the day. Dogecoin rose to an early morning intraday high $0.6666 before hitting reverse.
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Falling short of the first major resistance level at $0.6874, Dogecoin slid to a late intraday low $0.5404.
In spite of the sell-off, Dogecoin steered clear of the 23.6% FIB of $0.5329 and the first major support level at $0.5167.
Finding late support, Dogecoin briefly revisited $0.61 levels before falling back into the deep red.
At the time of writing, Dogecoin was down by 4.14% to $0.5570. A mixed start to the day saw Dogecoin rise to an early morning high $0.5881 before falling to a low $0.5553.
Dogecoin left the major support and resistance levels untested early on.
For the day ahead
Dogecoin would need to move through the $0.5960 pivot to bring the first major resistance level at $0.6517 into play.
Support from the broader market would be needed, however, for Dogecoin to break back through to $0.60 levels.
Barring an extended crypto rally, the first major resistance level and Thursday’s high $0.6666 would likely cap any upside.
In the event of another breakout, Dogecoin could test resistance at Wednesday’s new swing hi $0.6952. The second major resistance level sits at $0.7222.
Failure to move through the $0.5960 pivot would bring the 23.6% FIB of $0.5329 and the first major support level at $0.5255 into play.
Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.50 levels. The second major support level sits at $0.4698.
Looking at the Technical Indicators
First Major Support Level: $0.5255
Pivot Level: $0.5960
First Major Resistance Level: $0.6517
23.6% FIB Retracement Level: $0.5329
38.2% FIB Retracement Level: $0.4324
62% FIB Retracement Level: $0.2701
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