It was a bullish end to a bearish week for Dogecoin on Sunday. A move back through to $0.255 levels would support another breakout day ahead.
Dogecoin rallied by 3.86% on Sunday. Following a 0.54% gain on Saturday, Dogecoin ended the week down by 20.47% to $0.2503.
A mixed start to the day saw Dogecoin fall to an early morning intraday low $0.2389 before making a move.
Steering clear of the first major support level at $0.2364, Dogecoin rallied to a late intraday high $0.2545.
Dogecoin broke through the first major resistance level at $0.2468 and the second major resistance level at $0.2526.
A late pullback, however, saw Dogecoin fall through the second major resistance level to end the day at sub-$0.2510 levels.
At the time of writing, Dogecoin was down by 0.87% to $0.2481. A bearish start to the day saw Dogecoin fall from an early morning high $0.2522 to a low $0.2473.
Dogecoin left the major support and resistance levels untested early on.
Dogecoin would need to move back through the $0.2479 pivot to bring the first major resistance level at $0.2569 into play.
Support from the broader market would be needed, however, for Dogecoin to break out from Sunday’s high $0.2545.
Barring an extended crypto rally, the first major resistance level would likely cap the upside
In the event of a broad-based crypto rally, Dogecoin could test resistance at $0.27 levels before any pullback. The second major resistance level sits at $0.2635.
Failure to move back through the $0.2479 pivot would bring the first major support level at $0.2413 into play.
Barring another extended sell-off, however, Dogecoin should avoid sub-$0.23 levels. The second major support level at $0.2323 should limit the downside.
First Major Support Level: $0.2413
Pivot Level: $0.2479
First Major Resistance Level: $0.2569
23.6% FIB Retracement Level: $0.3016
38.2% FIB Retracement Level: $0.3859
62% FIB Retracement Level: $0.5221
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Thanks, Bob
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.