Dogecoin – Daily Tech Analysis –June 8th, 2021

By:

Published: Jun 8, 2021, 00:53 GMT+00:00

It's been a choppy start to the day. Failure to move through the day's pivot levels would leave support levels in play, however.

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 8^th 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

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.