Dogecoin – Daily Tech Analysis – August 26th, 2021


Dogecoin

Dogecoin rose by 1.35% on Wednesday. Partially reversing a 9.19% slide from Tuesday, Dogecoin ended the day at $0.2926.

A mixed start to the day saw Dogecoin rise to an early morning intraday high $0.2968 before hitting reverse.

Falling short of the 23.6% FIB of $0.3016 and the first major resistance level at $0.3136, Dogecoin slid to late morning intraday low $0.2794.

Steering clear of the first major support level at $0.2698, Dogecoin recovered to a late afternoon high $0.2953 before easing back.

At the time of writing, Dogecoin was down by 0.16% to $0.2921. A mixed start to the day saw Dogecoin rise to an early morning high $0.2938 before falling to a low $0.2901.

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

For the day ahead

Dogecoin would need to avoid the $0.2896 pivot to bring the first major resistance level at $0.2998 and the 23.6% FIB of $0.3016 into play.

Support from the broader market would be needed, however, for Dogecoin to break out from $0.2950 levels.

Barring an extended crypto rally, the first major resistance level and the 23.6% FIB of $0.3016 would likely cap any upside.

In the event of a breakout, Dogecoin could test resistance at $0.31 levels before any pullback. The second major resistance level sits at $0.3070.

A fall through the $0.2896 would bring the first major support level at $0.2824 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.27 levels. The second major support level at $0.2722 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.2824

Pivot Level: $0.2896

First Major Resistance Level: $0.2998

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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