Dogecoin – Daily Tech Analysis –July 5th, 2021

Dogecoin

Dogecoin slipped by 0.04% on Sunday. Following a 0.57% gain on Saturday, Dogecoin ended the week down by 6.90% to $0.2464.

A mixed start to the day saw Dogecoin fall to an early morning intraday low $0.2435 before making a move.

Steering clear of the first major support level at $0.2422, Dogecoin rose to a late morning intraday high $0.2531.

Dogecoin broke through the first major resistance level at $0.2506 before a pullback to sub-$0.25 levels.

Finding late support, Dogecoin retested the first major resistance level before falling back to sub-$0.2470 levels.

At the time of writing, Dogecoin was down by 0.58% to $0.2450. A bearish start to the day saw Dogecoin fall from an early morning high $0.2464 to a low $0.2441.

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

For the day ahead

Dogecoin would need to move through the $0.2477 pivot to bring the first major resistance level at $0.2518 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.25 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.2531 would likely cap any upside.

In the event of another breakout, Dogecoin could test resistance at $0.26 levels before any pullback. The second major resistance level sits at $0.2573.

Failure to move through the $0.2477 pivot would bring the first major support level at $0.2422 into play.

Barring an extended sell-off, however, Dogecoin should steer clear of sub $0.2350 levels. The second major support level at $0.2381 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.2422

Pivot Level: $0.2477

First Major Resistance Level: $0.2518

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.

Thanks, Bob

This article was originally posted on FX Empire

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