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Dogecoin – Daily Tech Analysis – May 7th, 2021

By:
Bob Mason
Published: May 7, 2021, 00:31 UTC

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

Dogecoin is a modern way of exchange and this crypto currency

Dogecoin

Dogecoin slid by 11.15% on Thursday. Reversing a 10.94% gain from Wednesday, Dogecoin ended the day at $0.5811.

It was a mixed start to the day. Dogecoin rose to an early morning intraday high $0.6666 before hitting reverse.

Falling short of the first major resistance level at $0.6874, Dogecoin slid to a late intraday low $0.5404.

In spite of the sell-off, Dogecoin steered clear of the 23.6% FIB of $0.5329 and the first major support level at $0.5167.

Finding late support, Dogecoin briefly revisited $0.61 levels before falling back into the deep red.

At the time of writing, Dogecoin was down by 4.14% to $0.5570. A mixed start to the day saw Dogecoin rise to an early morning high $0.5881 before falling to a low $0.5553.

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

DOGEUSD 070521 Hourly Chart

For the day ahead

Dogecoin would need to move through the $0.5960 pivot to bring the first major resistance level at $0.6517 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.60 levels.

Barring an extended crypto rally, the first major resistance level and Thursday’s high $0.6666 would likely cap any upside.

In the event of another breakout, Dogecoin could test resistance at Wednesday’s new swing hi $0.6952. The second major resistance level sits at $0.7222.

Failure to move through the $0.5960 pivot would bring the 23.6% FIB of $0.5329 and the first major support level at $0.5255 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.50 levels. The second major support level sits at $0.4698.

Looking at the Technical Indicators

First Major Support Level: $0.5255

Pivot Level: $0.5960

First Major Resistance Level: $0.6517

23.6% FIB Retracement Level: $0.5329

38.2% FIB Retracement Level: $0.4324

62% FIB Retracement Level: $0.2701

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.

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