Dogecoin – Daily Tech Analysis – August 15th, 2021


Dogecoin

Dogecoin rallied by 11.14% on Saturday. Following a 2.80% gain from Friday, Dogecoin ended the day at $0.2942.

A choppy morning saw Dogecoin rise to a late morning intraday high $0.2988 before hitting reverse.

Dogecoin broke through the first major resistance level at $0.2798 and the second major resistance level at $0.2949

The reversal saw Dogecoin slide to a late morning intraday low $0.2671.

Steering clear of the first major support level at $0.2530, Dogecoin broke back through the first major resistance level to end the day at $0.294 levels.

The second major resistance level at $0.2949 capped the upside late in the day.

At the time of writing, Dogecoin was up by 4.88% to $0.3086. A mixed start to the day saw Dogecoin fall to an early morning low $0.2887 before rising to a high $0.3098.

Dogecoin broke through 23.6% FIB of $0.3016 and the first major resistance level at $0.3063 early on.

For the day ahead

Dogecoin would need to avoid a fall back through the first major resistance level and 23.6% FIB to bring the second major resistance level at $0.3184 into play.

Support from the broader market would be needed, however, for Dogecoin to break out from this morning’s high $0.3098.

Barring an extended rally, the second major resistance level at $0.3184 would likely cap any upside.

In the event of an extended breakout, Dogecoin could test resistance at $0.33 levels before any pullback. The third major resistance level sits at $0.3501.

A fall back through first major resistance level and 23.6% FIB of $0.3016 would bring $0.28 levels back into play.

Barring a fall through the day’s $0.2867 pivot, however, Dogecoin should steer clear of the first major support level at $0.2746.

Looking at the Technical Indicators

First Major Support Level: $0.2746

Pivot Level: $0.2867

First Major Resistance Level: $0.3063

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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