Dogecoin – Daily Tech Analysis – August 25th, 2021


Dogecoin

Dogecoin slid by 9.19% on Tuesday. Reversing a modest 0.92% gain from Monday, Dogecoin ended the day at $0.2887.

A mixed start to the day saw Dogecoin rise to an early morning intraday high $0.3197 before hitting reverse.

Falling short of the first major resistance level at $0.3264, Dogecoin tumbled to a late afternoon intraday low $0.2759.

The sell-off saw Dogecoin fall through the day’s major support levels and through the 23.6% FIB of $0.3016.

Finding late support, Dogecoin briefly broke back through the third major support level at $0.2895 before easing back.

The 23.6% FIB of $0.3016 pinned Dogecoin back late in the day.

At the time of writing, Dogecoin was up by 1.75% to $0.2937. A mixed start to the day saw Dogecoin fall to an early morning low $0.2881 before rising to a high $0.2940.

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

For the day ahead

Dogecoin would need to move through the $0.2948 pivot and the 23.6% FIB of $0.3016 to bring the first major resistance level at $0.3136 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.31 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.3197 would likely cap any upside.

In the event of a breakout, Dogecoin could test the second major resistance level at $0.3386.

Failure to move through the $0.2948 would bring the first major support level at $0.2698 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.26 levels. The second major support level sits at $0.2510.

Looking at the Technical Indicators

First Major Support Level: $0.2698

Pivot Level: $0.2948

First Major Resistance Level: $0.3136

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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