Dogecoin – Daily Tech Analysis – May 27th, 2021

By:

Published: May 27, 2021, 00:50 GMT+00:00

It's a bearish start to the day for Dogecoin. Failure to move back through the day's pivot level would leave support levels in play.

Dogecoin

Dogecoin rose by 2.02% on Wednesday. Following a 5.43% decline on Tuesday, Dogecoin ended the day at $0.3535.

A mixed start to the day saw Dogecoin fall to an early morning low $0.3392 before making a move.

Steering clear of the first major support level at $0.3192, Dogecoin rose to a late morning intraday high $0.3674.

Falling short of the first major resistance level at $0.3773, Dogecoin slid back to an early afternoon intraday low $0.3372.

Continuing to steer clear of the major support levels, Dogecoin moved back through to $0.35 levels to end the day in the green.

At the time of writing, Dogecoin was down by 2.69% to $0.3440. A mixed start to the day saw Dogecoin rise to an early morning high $0.3536 before falling to a low $0.3419.

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

For the day ahead

Dogecoin would need to move back through the $0.3534 pivot to bring the first major resistance level at $0.3675 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 Wednesday’s high $0.3674 would likely cap any upside.

In the event of a broad-based crypto rebound, Dogecoin could test resistance at $0.40 before any pullback. The second major resistance level sits at $0.3816.

Failure to move back through the $0.3534 pivot would bring the first major support level at $0.3393 into play.

Barring an extended sell-off, however, Dogecoin should steer clear of the second major support level at $0.3252.

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: $0.3393

Pivot Level: $0.3534

First Major Resistance Level: $0.3675

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.