Dogecoin – Daily Tech Analysis –June 7th, 2021

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Published: Jun 7, 2021, 00:48 GMT+00:00

It's a mixed start to the day for Dogecoin. A move back through to $0.3750 levels would be needed to bring resistance levels into play.

Dogecoin

Dogecoin rose by 0.03% on Sunday. Following a 1.28% loss on Saturday, Dogecoin ended the week up by 23.00% to $0.3715.

A mixed start to the day saw Dogecoin rise to a mid-morning intraday high $0.3771 before hitting reverse.

Falling short of the first major resistance level at $0.3883, Dogecoin fell to an early afternoon intraday low $0.3669.

Steering clear of the first major support level at $0.3573, Dogecoin revisited $0.374 levels before easing back.

At the time of writing, Dogecoin was up by 0.07% to $0.3718. A mixed start to the day saw Dogecoin fall to an early morning low $0.3694 before rising to a high $0.3739.

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 $0.0.3718 pivot to bring the first major resistance level at $0.3768 back into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.3750 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.3771 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 $0.3820 and the third major resistance level at $0.3922.

A fall back through the $0.3718 pivot would bring the first major support level at $0.3666 into play.

Barring an extended sell-off, however, Dogecoin should steer clear of the third major support level at $0.3514. The second major support level at $0.3616 should limit the downside.

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

Looking at the Technical Indicators

First Major Support Level: $0.3666

Pivot Level: $0.3718

First Major Resistance Level: $0.3768

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

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.