Following heavy losses from last week, Dogecoin would need to avoid the day's pivot level to support a return to $0.22 levels.
Dogecoin fell by 1.63% on Sunday. Following a 0.38% decline on Saturday, Dogecoin ended the week down by 11.98% to $0.2051.
A mixed start to the day saw Dogecoin rise to an early morning intraday high $0.2090 before hitting reverse.
Falling short of the first major resistance level at $0.2126, Dogecoin slid to a late morning intraday low $0.1942.
Dogecoin fell through the first major support level at $0.2044 and the second major support level at $0.2004.
Steering clear of the third major support level at $0.1922, Dogecoin revisited $0.208 levels before falling back into the red. In spite of the late pullback Dogecoin avoided the major support levels.
At the time of writing, Dogecoin was up by 0.39% to $0.2059. A mixed start to the day saw Dogecoin fall to an early morning low $0.2033 before rising to a high $0.2061.
Dogecoin left the major support and resistance levels untested early on.
Dogecoin would need to avoid the $0.2028 pivot to bring the first major resistance level at $0.2113 into play.
Support from the broader market would be needed, however, for Dogecoin to break out from Sunday’s high $0.2090.
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 $0.22 levels before any pullback. The second major resistance level sits at $0.2176.
A fall through $0.2028 pivot would bring the first major support level at $0.1965 into play.
Barring another extended sell-off, however, Dogecoin should avoid sub-$0.19 levels. The second major support level sits at $0.1880.
First Major Support Level: $0.1965
Pivot Level: $0.2028
First Major Resistance Level: $0.2113
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.