Dogecoin – Daily Tech Analysis – August 10th, 2021


Dogecoin

Dogecoin rallied by 6.75% on Monday. Partially reversing an 8.50% slide from Sunday, Dogecoin ended the day at $0.2562.

A bearish the start to the day saw Dogecoin fall to an early morning intraday low $0.2305 before making a move.

Steering clear of the first major support level at $0.2219, Dogecoin rallied to a late afternoon intraday high $0.2667.

Falling short of the first major resistance level at $0.2710, however, Dogecoin slid back to sub-$0.25 levels before finding support.

At the time of writing, Dogecoin was down by 0.61% to $0.2547. A mixed start to the day saw Dogecoin rise to an early morning high $0.2563 before falling to a low $0.2518.

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

For the day ahead

Dogecoin would need to avoid the $0.2511 pivot to bring the first major resistance level at $0.2718 into play.

Support from the broader market would be needed, however, for Dogecoin to break out from $0.26 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another breakout, Dogecoin could test resistance at the 23.6% FIB of $0.3016. The second major resistance level sits at $0.2873.

A fall through the $0.2511 pivot would bring the first major support level at $0.2356 into play.

Barring an extended sell-off, however, Dogecoin should steer well clear of sub-$0.22 levels. The second major support level sits at $0.2149.

Looking at the Technical Indicators

First Major Support Level: $0.2356

Pivot Level: $0.2511

First Major Resistance Level: $0.2718

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



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