Dogecoin – Daily Tech Analysis – August 30th, 2021


Dogecoin fell by 1.85% on Sunday. Following a 2.88% decline on Saturday, Dogecoin ended the week down by 10.73% to $0.2812.

A bullish start to the day saw Dogecoin rise to an early morning intraday high $0.2921 before hitting reverse.

Falling short of the first major resistance level at $0.2963, Dogecoin fell to a mid-afternoon intraday low $0.2767.

Dogecoin fell through the first major support level at $0.2796 before a partial recovery to $0.28 levels.

At the time of writing, Dogecoin was down by 0.97% to $0.2784. A mixed start to the day saw Dogecoin rise to an early morning high $0.2822 before falling to a low $0.2782.

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

For the day ahead

Dogecoin would need to move through the $0.2833 pivot to bring the first major resistance level at $0.2900 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.29 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.2921 would likely cap any upside.

In the event of a breakout, Dogecoin could test resistance at the 23.6% FIB of $0.3016 before any pullback. The second major resistance level sits at $0.2987.

Failure to move through the $0.2833 would bring the first major support level at $0.2746 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.27 levels. The second major support level sits at $0.2679.

Looking at the Technical Indicators

First Major Support Level: $0.2746

Pivot Level: $0.2833

First Major Resistance Level: $0.2900

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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