Following last week's losses and a bearish Monday, Dogecoin would need to revisit $0.21 levels to avoid another day in the red.
Dogecoin fell by 2.63% on Monday. Following a 1.63% loss on Sunday, Dogecoin ended the day at $0.1997.
A mixed start to the day saw Dogecoin rise to an early morning intraday high $0.2095 before hitting reverse.
Falling short of the first major resistance level at $0.2113, Dogecoin slid to a late intraday low $0.1996.
Steering clear of the first major support level at $0.1965, however, Dogecoin ended the day at $0.1997.
At the time of writing, Dogecoin was up by 0.12% to $0.19996. A mixed start to the day saw Dogecoin fall to an early morning low $0.1985 before rising to a high $0.2017.
Dogecoin left the major support and resistance levels untested early on.
Dogecoin would need to move through the $0.2029 pivot to bring the first major resistance level at $0.2063 into play.
Support from the broader market would be needed, however, for Dogecoin to break out from $0.2050 levels.
Barring an extended crypto rally, the first major resistance level and Monday’s high $0.2095 would likely cap the upside
In the event of a broad-based crypto rally, Dogecoin could test resistance at $0.22 levels before any pullback. The second major resistance level sits at $0.2128.
Failure to move through $0.2029 pivot would bring the first major support level at $0.1964 into play.
Barring another extended sell-off, however, Dogecoin should avoid sub-$0.19 levels. The second major support level at $0.1930 should limit the downside.
First Major Support Level: $0.1964
Pivot Level: $0.2029
First Major Resistance Level: $0.2063
23.6% FIB Retracement Level: $0.3016
38.2% FIB Retracement Level: $0.3859
62% FIB Retracement Level: $0.5221
Please let us know what you think in the comments below.
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.