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Dogecoin – Daily Tech Analysis –June 8th, 2021

Bob Mason
2 min read

Dogecoin

Dogecoin slid by 10.71% on Monday. Following a 0.03% gain on Sunday, Dogecoin ended the day at $0.3317.

A bullish start to the day saw Dogecoin rise to an early morning intraday high $0.3802 before hitting reverse.

Dogecoin broke through the first major resistance level at $0.3768 before sliding to a late intraday low $0.3278.

The extended sell-off saw Dogecoin fall through the day’s major support levels before finding support.

In spite of a late move back through to $0.33 levels, however, Dogecoin failed to break back through the third major support level at $0.3514.

At the time of writing, Dogecoin was up by 0.26% to $0.3326. A mixed start to the day saw Dogecoin rise to an early morning high $0.3378 before falling to a low $0.3289.

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

For the day ahead

Dogecoin would need to move through the $0.3466 pivot to bring the first major resistance level at $0.3653 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.36 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $0.3802 would likely cap any upside.

In the event of another breakout, Dogecoin could test resistance at $0.40 before any pullback. The second major resistance level sits at $0.3990.

Failure to move through the $0.3466 pivot would bring the first major support level at $0.3129 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of the second major support level at $0.2942.

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

Looking at the Technical Indicators

First Major Support Level: $0.3129

Pivot Level: $0.3466

First Major Resistance Level: $0.3653

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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