Dogecoin – Daily Tech Analysis –June 1st, 2021


Dogecoin

Dogecoin rose by 7.81% on Monday. Reversing a 0.33% loss from Sunday, Dogecoin ended the month down by 3.71% to $0.3257.

A bearish start to the day saw Dogecoin fall to an early morning intraday low $0.2940 before making a move.

Steering clear of the first major support level at $0.2888 and the 62% FIB of $0.2882, Dogecoin rallied to a late intraday high $0.3301.

Dogecoin broke through the first major resistance level at $0.3132 and the second major resistance level at $0.3243.

In spite of easing back late in the day, Dogecoin avoided a fall back through the second major resistance level.

At the time of writing, Dogecoin was up by 0.33% to $0.3268. A mixed start to the day saw Dogecoin fall to an early morning low $0.3244 before rising to a high $0.3283.

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

For the day ahead

Dogecoin would need to avoid a fall through the $0.3031 pivot to bring the first major resistance level at $0.3392 into play.

Support from the broader market would be needed, however, for Dogecoin to break out from Monday’s high $0.3301.

Barring an extended crypto rally, the first major resistance level and resistance at $0.34 would likely cap any upside.

In the event of a broad-based crypto rebound, Dogecoin could test resistance at $0.36 before any pullback. The second major resistance level sits at $0.3527.

Failure to avoid a fall through the $0.3166 pivot would bring the first major support level at $0.3031 into play.

Barring an extended sell-off, however, Dogecoin should steer clear of sub-$0.30 levels and the 62% FIB of $0.2882. The second major support level sits at $0.2805.

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: $0.3031

Pivot Level: $0.3166

First Major Resistance Level: $0.3392

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



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