Dogecoin – Daily Tech Analysis – August 16th, 2021


Dogecoin

Dogecoin rallied by 15.64% on Sunday. Following an 11.14% gain on Saturday, Dogecoin ended the week up by 41.77% to $0.3402.

A mixed start to the day saw Dogecoin fall to a mid-morning intraday low $0.2866 before making a move.

Steering clear of the first major support level at $0.2746, Dogecoin rallied to a late intraday high $0.3498.

Dogecoin broke through the first major resistance level at $0.3063 and the second major resistance level at $0.3184.

More significantly, Dogecoin also broke through the 23.6% FIB of $0.3016.

Testing resistance at the third major resistance level at $0.3501, however, Dogecoin eased back to end the day at $0.3402.

At the time of writing, Dogecoin was up by 0.16% to $0.3408. A mixed start to the day saw Dogecoin rise to an early morning high $0.3449 before falling to a low $0.32995.

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

For the day ahead

Dogecoin would need to avoid the $0.3255 pivot to bring the first major resistance level at $0.3645 into play.

Support from the broader market would be needed, however, for Dogecoin to break out from Sunday’s high $0.3498.

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 38.2% FIB of $0.3859. The second major resistance level sits at $0.3887.

A fall through the $0.3255 pivot would bring the 23.6% FIB of $0.3016 and the first major support level at $0.3013 into play.

Barring an extended sell-off, however, Dogecoin should steer clear of sub-$0.30 levels. The second major support level sits at $0.2623.

Looking at the Technical Indicators

First Major Support Level: $0.3013

Pivot Level: $0.3255

First Major Resistance Level: $0.3645

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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