Following Monday's sell-off, Dogecoin is back into the deep red this morning. Failure to move through the day's pivot level would deliver another heavy loss on the day.
Dogecoin slid by 10.43% on Monday. Following a 3.48% loss on Sunday, Dogecoin ended the day at $0.2087.
A mixed start to the day saw Dogecoin rise to an early morning intraday high $0.2335 before hitting reverse.
Falling short of the first major resistance level at $0.2394, Dogecoin slid to a mid-day intraday low $0.1990.
Dogecoin fell through the day’s major support levels before finding support.
Through the early afternoon, Dogecoin broke back through the third major support level at $0.2137 before ending the day at sub-$0.21 levels.
At the time of writing, Dogecoin was down by 2.43% to $0.2037. A mixed start to the day saw Dogecoin rise to an early morning high $0.2087 before falling to a low $0.1988.
Dogecoin left the major support and resistance levels untested early on.
Dogecoin would need to move through the $0.2137 pivot to bring the first major resistance level at $0.2285 into play.
Support from the broader market would be needed, however, for Dogecoin to break back through the first major support level to $0.22 levels.
Barring an extended crypto rally, the first major resistance level would likely cap the upside
In the event of a broad-based crypto rally, Dogecoin could test resistance at $0.25 levels before any pullback. The second major resistance level sits at $0.2482.
Failure to move through $0.2137 pivot would bring the first major support level at $0.1940 into play.
Barring another extended sell-off, however, Dogecoin should avoid sub-$0.18 levels. The second major support level sits at $0.1792.
First Major Support Level: $0.1940
Pivot Level: $0.2137
First Major Resistance Level: $0.2285
23.6% FIB Retracement Level: $0.3016
38.2% FIB Retracement Level: $0.3859
62% FIB Retracement Level: $0.5221
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Thanks, Bob
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.