Dogecoin – Daily Tech Analysis – August 9th, 2021


Dogecoin slid by 8.50% on Sunday. Partially reversing a 28.08% breakout from Saturday, Dogecoin ended the week up by 17.46% to $0.2400.

A bullish the start to the day saw Dogecoin rally to an early morning intraday high $0.2840 before hitting reverse.

Coming up against the first major resistance level at $0.2824, Dogecoin slid to a late intraday low $0.2349.

Steering clear of the first major support level at $0.2229, however, Dogecoin returned to $0.245 levels before easing back.

At the time of writing, Dogecoin was down by 1.36% to $0.2367. A mixed start to the day saw Dogecoin rise to an early morning high $0.2426 before falling to a low $0.2352.

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

For the day ahead

Dogecoin would need to move through the $0.2530 pivot to bring the first major resistance level at $0.2710 into play.

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

Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.2840 would likely cap any upside.

In the event of another breakout, Dogecoin could test resistance at the 23.6% FIB of $0.3016 and the second major resistance level at $0.3021.

Failure to move through the $0.2530 pivot would bring the first major support level at $0.2219 into play.

Barring another extended sell-off, however, Dogecoin should steer well clear of sub-$0.20 levels. The second major support level sits at $0.2039.

Looking at the Technical Indicators

First Major Support Level: $0.2219

Pivot Level: $0.2530

First Major Resistance Level: $0.2710

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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