Dogecoin – Daily Tech Analysis – August 18th, 2021


Dogecoin

Dogecoin slid by 6.26% on Tuesday. Following a 6.11% loss on Monday, Dogecoin ended the day at $0.2994.

A mixed start to the day saw Dogecoin rise to an early morning intraday high $0.3402 before hitting reverse.

Falling short of the first major resistance level at $0.3443, Dogecoin slid to a late intraday low $0.2941.

The sell-off saw Dogecoin fall through the first major support level at $0.3023 and the 23.6% FIB of $0.3016 to end the day at sub-$0.30 levels.

At the time of writing, Dogecoin was down by 1.48% to $0.2950. A mixed start to the day saw Dogecoin rise to an early morning high $0.3030 before falling to a low $0.2897.

While Dogecoin left the major support and resistance levels untested, Dogecoin briefly broke through the 23.6% FIB of $0.3016.

For the day ahead

Dogecoin would need to move through the 23.6% FIB and the $0.3112 pivot to bring the first major resistance level at $0.3284 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.32 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $0.33 would likely cap any upside.

In the event of a breakout, Dogecoin could test the second major resistance level at $0.3573.

Failure to move through the 23.6% FIB of $0.3016 and the $0.3112 pivot would bring the first major support level at $0.2823 into play.

Barring an extended sell-off, however, Dogecoin should steer clear of the second major support level at $0.2651.

Looking at the Technical Indicators

First Major Support Level: $0.2823

Pivot Level: $0.3112

First Major Resistance Level: $0.3284

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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