Dogecoin

Dogecoin slumped by 36.3% on Monday. Following a 1.93% decline on Sunday, Dogecoin ended the day at $0.1785.

A mixed start to the day saw Dogecoin rise to an early morning high $0.2811 before hitting reverse.

Falling short of the 62% FIB of $0.2882 and the first major resistance level at $0.2948, Dogecoin slid to a late intraday low and a new swing lo $0.1653.

The extended sell-off saw Dogecoin fall through the day’s major support levels to end the day at sub-$0.18 levels.

At the time of writing, Dogecoin was down by 0.57% to $0.1775. A mixed start to the day saw Dogecoin rise to an early morning high $0.1821 before falling to a low $0.1656.

Dogecoin left the major support and resistance levels untested early on.

For the day ahead

Dogecoin would need to move through the $0.2083 pivot to bring the first major resistance level at $0.2513 into play.

Support from the broader market would be needed, however, for Dogecoin to break out from $0.20 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a breakout, Dogecoin could test resistance at the 23.6% FIB of $0.3016 before any pullback. The second major resistance level sits at $0.3241.

Failure to move through the $0.2083 pivot would bring the first major support level at $0.1355 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.10 levels. The second major support level sits at $0.0925.

A sustained fall through the 62% FIB of $0.2882 led to the formation of a near-term bearish trend from 8^th May’s swing hi $0.7427.

Looking at the Technical Indicators

First Major Support Level: $0.1355

Pivot Level: $0.2083

First Major Resistance Level: $0.2513

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

This article was originally posted on FX Empire

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