Dogecoin rose by 1.11% on Monday. Following a 6.20% rally on Sunday, Dogecoin ended the day at $0.3275.
A bearish morning saw Dogecoin fall to a mid-day intraday low $0.3199 before making a move.
Steering clear of the first major support level at $0.3110, Dogecoin rallied to a late afternoon intraday high $0.3375.
Dogecoin broke through the first major resistance level at $0.3335 before a slide back to sub-$0.3210 levels.
Finding late support, however, Dogecoin move back through to $0.327 levels to deliver the upside on the day.
At the time of writing, Dogecoin was up by 0.23% to $0.3282. A mixed start to the day saw Dogecoin fall to an early morning low $0.3263 before rising to a high $0.3306.
Dogecoin left the major support and resistance levels untested early on.
For the day ahead
Dogecoin would need to move back through the $0.3283 pivot to bring the first major resistance level at $0.3367 into play.
Support from the broader market would be needed, however, for Dogecoin to break back through to $0.33 levels.
Barring an extended crypto rally, the first major resistance level and Monday’s high $0.3375 would likely cap any upside.
In the event of a breakout, Dogecoin could test resistance at $0.35 before any pullback. The second major resistance level sits at $0.3459.
Failure to move back through the $0.3283 pivot would bring the first major support level at $0.3191 into play.
Barring an extended sell-off, however, Dogecoin should steer clear of sub-$0.31 levels. The second major support level at $0.3107 should limit the downside.
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: $0.3191
Pivot Level: $0.3283
First Major Resistance Level: $0.3367
23.6% FIB Retracement Level: $0.5691
38.2% FIB Retracement Level: $0.4618
62% FIB Retracement Level: $0.2882
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This article was originally posted on FX Empire