Dogecoin – Daily Tech Analysis – August 23rd, 2021


Dogecoin

Dogecoin fell by 0.60% on Sunday. Following a 3.24% decline on Saturday, Dogecoin ended the week down by 7.43% to $0.3150.

A mixed start to the day saw Dogecoin rise to a late morning intraday high $0.3219 before hitting reverse.

Falling short of the first major resistance level at $0.3263, Dogecoin slid to a late afternoon intraday low $0.3050.

Dogecoin fell through the first major support level at $0.3110.

Finding support at the second major support level at $0.3050, Dogecoin moved back through the first major support level to end the day at $0.315 levels.

At the time of writing, Dogecoin was up by 0.14% to $0.3154. A mixed start to the day saw Dogecoin fall to an early morning low $0.3148 before rising to a high $0.3194.

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

For the day ahead

Dogecoin would need to avoid the $0.3140 pivot to bring the first major resistance level at $0.3229 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 Sunday’s high $0.3219 would likely cap any upside.

In the event of a breakout, Dogecoin could test the second major resistance level at $0.3309.

A fall through the $0.3140 would bring the first major support level at $0.3060 into play and the 23.6% FIB of $0.3016 into play.

Barring an extended sell-off, however, Dogecoin should steer clear of the second major support level at $0.2971.

Looking at the Technical Indicators

First Major Support Level: $0.3060

Pivot Level: $0.3140

First Major Resistance Level: $0.3229

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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