Dogecoin – Daily Tech Analysis – August 31st, 2021


Dogecoin fell by 3.31% on Monday. Following a 1.85% loss on Sunday, Dogecoin ended the day at $0.2719.

A bullish start to the day saw Dogecoin rise to an early morning intraday high $0.2905 before hitting reverse.

Coming up against the first major resistance level at $0.2900, Dogecoin slid to a final hour intraday low $0.2698.

Dogecoin fell through the first major support level at $0.2746 to end the day at $0.271 levels.

At the time of writing, Dogecoin was up by 0.09% to $0.2722. A mixed start to the day saw Dogecoin rise to an early morning high $0.2735 before falling to a low $0.2698

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

For the day ahead

Dogecoin would need to move through the $0.2774 pivot to bring the first major resistance level at $0.2850 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.28 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $0.2905 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 $0.2981.

Failure to move through the $0.2774 would bring the first major support level at $0.2643 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.25 levels. The second major support level at $0.2567 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.2643

Pivot Level: $0.2774

First Major Resistance Level: $0.2850

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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