Dogecoin – Daily Tech Analysis – May 18th, 2021
Dogecoin fell by 5.14% on Monday. Reversing a 0.98% gain from Sunday, Dogecoin ended the day at $0.4874.
A mixed start to the day saw Dogecoin rise to an early morning intraday high $0.5164 before hitting reverse.
Falling short of the first major resistance level at $0.5588, Dogecoin slid to a mid-morning intraday low $0.4539.
The reversal saw Dogecoin fall through the 38.2% FIB of $0.4618 and the first major support level at $0.4596.
Finding late morning support, Dogecoin revisited $0.51 levels before a 2nd sell-off.
The 2nd sell-off saw Dogecoin fall to sub-$0.47 levels before a partial recovery to $0.48 levels.
In spite of the 2nd sell-off, Dogecoin avoided a fall back through the 38.2% FIB of $0.4618.
At the time of writing, Dogecoin was up by 0.37% to $0.4892. A mixed start to the day saw Dogecoin fall to an early morning low $0.4810 before rising to a high $0.4929.
Dogecoin left the major support and resistance levels untested early on.
For the day ahead
Dogecoin would need to avoid a fall back through the $0.4859 pivot to bring the first major resistance level at $0.5179 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 Monday’s high $0.5164 would likely cap any upside.
In the event of another breakout, Dogecoin could test resistance at and the 23.6% FIB of $0.5691 before any pullback. The second major resistance level sits at $0.5484.
Failure to avoid a fall back through the $0.4859 pivot would bring the 38.2% FIB of $0.4618 and the first major support level at $0.4554 into play.
Barring an extended sell-off, however, Dogecoin should steer clear of the second major support level at $0.4234.
Looking at the Technical Indicators
First Major Support Level: $0.4554
Pivot Level: $0.4859
First Major Resistance Level: $0.5179
23.6% FIB Retracement Level: $0.5691
38.2% FIB Retracement Level: $0.4618
62% FIB Retracement Level: $0.2882
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