Dogecoin – Daily Tech Analysis – May 10th, 2021
Dogecoin slid by 10.34% on Sunday. Following on from a 7.76% decline on Saturday, Dogecoin ended the week up by 52.65% to $0.5713.
A bullish start to the day saw Dogecoin rise to an early morning intraday high $0.7027 before hitting reverse.
Falling short of the first major resistance level at $0.7206, Dogecoin tumbled to a mid-day intraday low $0.4210.
Dogecoin fell through the first major support level at $0.5759 and the second major support level at $0.5146.
More significantly, Dogecoin also fell through the 23.6% FIB of $0.5691 and the 38.2% FIB of $0.4618.
Finding afternoon support, however, Dogecoin broke back through the support levels and the 38.2% FIB and the 23.6% FIB to revisit $0.59 levels.
A bearish end to the day saw Dogecoin fall back through the first major support level to end the day at sub-$0.5720 levels.
At the time of writing, Dogecoin was down by 2.85% to $0.5550. A mixed start to the day saw Dogecoin rise to an early morning high $0.5728 before falling to a low $0.5483.
While leaving the major support and resistance levels untested early on, Dogecoin fell back through the 23.6% FIB of $0.5691.
For the day ahead
Dogecoin would need to move back through the 23.6% FIB and the $0.5650 pivot to bring the first major resistance level at $0.7090 into play.
Support from the broader market would be needed, however, for Dogecoin to break out from $0.65 levels.
Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.7027 would likely cap any upside.
In the event of another breakout, Dogecoin could test resistance at $0.80. The second major resistance level sits at $0.8467.
Failure to move back through the 23.6% FIB and the $0.5650 pivot would bring the 38.2% FIB of $0.4618 and the first major support level at $0.4273 into play.
Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.40 levels. The second major support level sits at $0.2833.
Looking at the Technical Indicators
First Major Support Level: $0.4273
Pivot Level: $0.5650
First Major Resistance Level: $0.7090
23.6% FIB Retracement Level: $0.5691
38.2% FIB Retracement Level: $0.4618
62% FIB Retracement Level: $0.2882
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