Dogecoin – Daily Tech Analysis – May 11th, 2021

Bob Mason
·2 min read

Dogecoin

Dogecoin tumbled by 21.09% on Monday. Following on from a 10.34% slide on Sunday, Dogecoin ended the day at $0.4508.

A mixed start to the day saw Dogecoin rise to an early morning intraday high $0.5728 before hitting reverse.

Falling short of the first major resistance level at $0.7090, Dogecoin tumbled to a late intraday low $0.4210.

Dogecoin fell through the 23.6% FIB of $0.5691, the 38.2% FIB of $0.4618, and the first major support level at $0.4273.

Finding late support, however, Dogecoin broke back through first major support level and the 38.2% FIB to revisit $0.47 levels before easing back.

The pullback saw Dogecoin fall back through the 38.2% FIB to end the day at sub-$0.46 levels.

At the time of writing, Dogecoin was up by 2.36% to $0.4615. A mixed start to the day saw Dogecoin fall to an early morning low $0.4434 before rising to a high $0.4765.

While leaving the major support and resistance levels untested early on, Dogecoin broke through the 38.2% FIB of $0.4618.

For the day ahead

Dogecoin would need to move back through the 38.2% FIB of $0.4618 and the $0.4815 pivot to bring the first major resistance level at $0.5421 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.50 levels.

Barring an extended crypto rally, the first major resistance level and the 23.6% FIB of $0.5691 would likely cap any upside.

In the event of another breakout, Dogecoin could test resistance at $0.70. The second major resistance level sits at $0.6333.

Failure to move back through the 38.2% FIB and the $0.4815 pivot would bring the first major support level at $0.3903 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.35 levels. The second major support level sits at $0.3297.

Looking at the Technical Indicators

First Major Support Level: $0.3903

Pivot Level: $0.4815

First Major Resistance Level: $0.5421

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

This article was originally posted on FX Empire

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