The Crypto Daily – Movers and Shakers – August 19th, 2021


Dogecoin

Dogecoin rose by 1.24% on Wednesday. Partially reversing a 6.26% slide from Tuesday, Dogecoin ended the day at $0.3031.

A mixed start to the day saw Dogecoin fall to an early morning intraday low $0.2770 before making a move.

Dogecoin fell through the first major support level at $0.2823 before rallying to a late afternoon intraday high $0.3254.

While falling short of the first major resistance level at $0.3284, Dogecoin broke through the 23.6% FIB of $0.3016 to end the day at $0.3030 levels.

At the time of writing, Dogecoin was down by 0.23% to $0.3024. A mixed start to the day saw Dogecoin rise to an early morning high $0.3069 before falling to a low $0.2984.

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

For the day ahead

Dogecoin would need to avoid a fall back through the $0.3018 pivot and the 23.6% FIB to bring the first major resistance level at $0.3267 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 $0.3502.

A fall back through the $0.3018 pivot and the 23.6% FIB of $0.3016 would bring the first major support level at $0.2783 into play.

Barring an extended sell-off, however, Dogecoin should steer clear of the second major support level at $0.2534.

Looking at the Technical Indicators

First Major Support Level: $0.2783

Pivot Level: $0.3018

First Major Resistance Level: $0.3267

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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