Dogecoin – Daily Tech Analysis – May 12th, 2021

Dogecoin

Dogecoin rallied by 9.61% on Tuesday. Partially reversing a 21.09% slump from Monday, Dogecoin ended the day at $0.4941.

A mixed start to the day saw Dogecoin fall to an early morning intraday low $0.4434 before making a move.

Steering clear of the first major support level at $0.3903, Dogecoin rallied to a late morning intraday high $0.5481.

Dogecoin broke back through the 38.2% FIB of $0.4618 and broke through the first major resistance level at $0.5421.

Falling short of $0.55 levels, Dogecoin fell back through the first major resistance level to $0.47 levels before finding support.

Steering clear of the 38.2% FIB, Dogecoin briefly revisited $0.51 levels before ending the day at sub-$0.50 levels.

At the time of writing, Dogecoin was flat at $0.4941 A mixed start to the day saw Dogecoin fall to an early morning low $0.4809 before rising to a high $0.4979.

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

For the day ahead

Dogecoin would need to move back through the $0.4952 pivot to bring the first major resistance level at $0.5470 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.54 levels.

Barring an extended crypto rally, the first major resistance level and the 23.6% FIB of $0.5691 would likely cap any upside.

In the event of another breakout, Dogecoin could test resistance at $0.65. The second major resistance level sits at $0.5999.

Failure to move back through the $0.4952 pivot would bring the 38.2% FIB of $0.4618 and the first major support level at $0.4423 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.40 levels. The second major support level sits at $0.3905.

Looking at the Technical Indicators

First Major Support Level: $0.4423

Pivot Level: $0.4952

First Major Resistance Level: $0.5470

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

This article was originally posted on FX Empire

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