Dogecoin – Daily Tech Analysis – August 11th, 2021


Dogecoin

Dogecoin rose by 0.51% on Tuesday. Following a 6.75% rally on Monday, Dogecoin ended the day at $0.2575.

After a choppy morning, Dogecoin fell to a late afternoon intraday low $0.2453 before making a move.

Steering clear of the first major support level at $0.2356, Dogecoin rallied to a late intraday high $0.2635.

Falling short of the first major resistance level at $0.2718, however, Dogecoin fell back to end the day at sub-$0.26 levels.

At the time of writing, Dogecoin was down by 0.11% to $0.2573. A mixed start to the day saw Dogecoin rise to an early morning high $0.2590 before falling to a low $0.2564.

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

For the day ahead

Dogecoin would need to avoid the $0.2554 pivot to bring the first major resistance level at $0.2656 into play.

Support from the broader market would be needed, however, for Dogecoin to break out from Tuesday’s high $0.2635.

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 $0.28. The second major resistance level sits at $0.2736.

A fall through the $0.2554 pivot would bring the first major support level at $0.2474 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.23 levels. The second major support level at $0.2372 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.2474

Pivot Level: $0.2554

First Major Resistance Level: $0.2656

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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