Dogecoin – Daily Tech Analysis – August 28th, 2021


Dogecoin rallied by 9.88% on Friday. Reversing an 8.34% slide from Thursday, Dogecoin ended the day at $0.2947.

A mixed start to the day saw Dogecoin fall to an early morning intraday low $0.2650 before making a move.

Steering clear of the first major support level at $0.2563, Dogecoin rallied to a late intraday high $0.2951.

Dogecoin broke through the first major resistance level at $0.2882 to end the day at $0.29 levels.

At the time of writing, Dogecoin was up by 0.09% to $0.2950. A mixed start to the day saw Dogecoin rise to an early morning high $0.2973 before falling to a low $0.2914.

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

For the day ahead

Dogecoin would need to avoid the $0.2849 pivot to bring 23.6% FIB of $0.3016 and the first major resistance level at $0.3049 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.30 levels.

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

In the event of a breakout, Dogecoin could test resistance at $0.32 levels before any pullback. The second major resistance level sits at $0.3150.

A fall through the $0.2849 would bring the first major support level at $0.2748 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.26 levels. The second major support level sits at $0.2548.

Looking at the Technical Indicators

First Major Support Level: $0.2748

Pivot Level: $0.2849

First Major Resistance Level: $0.3049

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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