Dogecoin – Daily Tech Analysis – May 14th, 2021
Dogecoin jumped by 25.29% on Thursday. Reversing a 20.89% tumble from Wednesday, Dogecoin ended the day at $0.4895.
A bearish start to the day saw Dogecoin slide to an early morning intraday low $0.3503 before making a move.
Steering clear of the first major support level at $0.3396, Dogecoin rallied to a late intraday high $0.5200.
Dogecoin broke through the 38.2% FIB of $0.4618 and the first major resistance level at $0.4825.
In spite of a pullback to sub-$0.50 levels late in the day, Dogecoin avoided a fall back through the first major resistance level.
At the time of writing, Dogecoin was down by 1.84% to $0.4805. A mixed start to the day saw Dogecoin rise to an early morning high $0.5048 before falling to a low $0.4649.
Dogecoin left the major support and resistance levels untested early on.
For the day ahead
Dogecoin would need to avoid a fall through the 38.2% FIB of $0.4618 and the $0.4533 pivot to bring the first major resistance level at $0.5562 into play.
Support from the broader market would be needed, however, for Dogecoin to break out from Thursday’s high $0.5200.
Barring an extended crypto rally, the first major resistance level and resistance at the 23.6% FIB of $0.5691 would likely cap any upside.
In the event of another breakout, Dogecoin could test resistance at $0.60 before any pullback. The second major resistance level sits at $0.6230.
Failure to avoid a fall through the 38.2% FIB of $0.4618 and the $0.4533 pivot would bring the first major support level at $0.3865 into play.
Barring an extended sell-off, however, Dogecoin should steer clear of sub-$0.35 levels. The second major support level sits at $0.2836.
Looking at the Technical Indicators
First Major Support Level: $0.3865
Pivot Level: $0.4533
First Major Resistance Level: $0.5562
23.6% FIB Retracement Level: $0.5691
38.2% FIB Retracement Level: $0.4618
62% FIB Retracement Level: $0.2882
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