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.