Dogecoin – Daily Tech Analysis –July 20th, 2021


Dogecoin

Dogecoin slid by 4.41% on Monday. Following a 3.15% loss on Sunday, Dogecoin ended the day at $0.1736.

A mixed the start of the day saw Dogecoin rise to an early morning intraday high $0.1843 before hitting reverse.

Falling short of the first major resistance level at $0.1916, Dogecoin slid to an early afternoon intraday low $0.1704.

Dogecoin fell through the first major support level at $0.1759.

Finding support at the second major support level at $0.1703, Dogecoin revisited $0.176 levels before easing back.

The first major support level pinned Dogecoin back in the 2nd half of the day.

At the time of writing, Dogecoin was up by 0.04% to $0.1737. A mixed start to the day saw Dogecoin fall to an early morning low $0.1727 before rising to a high $0.1758.

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

For the day ahead

Dogecoin would need to move through the $0.1761 pivot to bring the first major resistance level at $0.1818 into play.

Support from the broader market would be needed, however, for Dogecoin to move back through to $0.18 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $0.1843 would likely cap any upside.

In the event of a breakout, Dogecoin could test resistance at $0.20 levels before any pullback. The second major resistance level sits at $0.1900.

Failure to move through the $0.1761 pivot would bring the first major support level at $0.1679 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.15 levels. The second major support level at $0.1622 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.1679

Pivot Level: $0.1761

First Major Resistance Level: $0.1818

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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