Dogecoin – Daily Tech Analysis – May 18th, 2021

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Published: May 18, 2021, 01:05 UTC

It's a relatively bullish start to the day. Dogecoin would need to avoid a fall back through the day's pivot to bring $0.50 levels back into play, however.

Dogecoin

Dogecoin fell by 5.14% on Monday. Reversing a 0.98% gain from Sunday, Dogecoin ended the day at $0.4874.

A mixed start to the day saw Dogecoin rise to an early morning intraday high $0.5164 before hitting reverse.

Falling short of the first major resistance level at $0.5588, Dogecoin slid to a mid-morning intraday low $0.4539.

The reversal saw Dogecoin fall through the 38.2% FIB of $0.4618 and the first major support level at $0.4596.

Finding late morning support, Dogecoin revisited $0.51 levels before a 2^nd sell-off.

The 2^nd sell-off saw Dogecoin fall to sub-$0.47 levels before a partial recovery to $0.48 levels.

In spite of the 2^nd sell-off, Dogecoin avoided a fall back through the 38.2% FIB of $0.4618.

At the time of writing, Dogecoin was up by 0.37% to $0.4892. A mixed start to the day saw Dogecoin fall to an early morning low $0.4810 before rising to a high $0.4929.

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

For the day ahead

Dogecoin would need to avoid a fall back through the $0.4859 pivot to bring the first major resistance level at $0.5179 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.50 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $0.5164 would likely cap any upside.

In the event of another breakout, Dogecoin could test resistance at and the 23.6% FIB of $0.5691 before any pullback. The second major resistance level sits at $0.5484.

Failure to avoid a fall back through the $0.4859 pivot would bring the 38.2% FIB of $0.4618 and the first major support level at $0.4554 into play.

Barring an extended sell-off, however, Dogecoin should steer clear of the second major support level at $0.4234.

Looking at the Technical Indicators

First Major Support Level: $0.4554

Pivot Level: $0.4859

First Major Resistance Level: $0.5179

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.