Dogecoin was down 3.31% on Monday. After losing 1.85% on Sunday, Dogecoin ended the day at $ 0.2719.
A bullish start to the day caused Dogecoin to climb to an early morning intraday high of $ 0.2905 before reversing.
Dogecoin hit the first major resistance level at $ 0.2900 and slid to a last hour’s intraday low of $ 0.2698.
Dogecoin fell through the first major support level at $ 0.2746 and ended the day at $ 0.271.
At the time of writing, Dogecoin was up 0.09% to $ 0.2722. After a mixed start to the day, Dogecoin rose to an early morning high of $ 0.2735 before falling to a low of $ 0.2698
Dogecoin left key support and resistance levels untested early on.
For the coming day
Dogecoin would have to move through the $ 0.2774 pivot to bring the first major resistance level into play at $ 0.2850.
However, for Dogecoin to break back to the $ 0.28 level, support from the broader market would be required.
Aside from an extended crypto rally, the first major resistance level and Monday’s high at $ 0.2905 would likely limit any uptrend.
In the event of a breakout, Dogecoin could test resistance at the 23.6% FIB of $ 0.3016 before pulling back. The second major resistance level is at $ 0.2981.
Failure to hit the $ 0.2774 level would bring the first major support level into play at $ 0.2643.
However, apart from another lengthy sell-off, Dogecoin should stay away from below $ 0.25 levels. The second major support level at $ 0.2567 should limit the downside.
Look at the technical indicators
First major support level: $ 0.2643
Pivot Level: $ 0.2774
First major resistance level: $ 0.2850
23.6% FIB Retracement Level: $ 0.3016
38.2% FIB Retracement Level: $ 0.3859
62% FIB Retracement Level: $ 0.5221
Please let us know what you think in the comments below.
This article was originally published on FX Empire