Dogecoin – Daily Tech Analysis – September 2nd, 2021


Dogecoin

Dogecoin rallied by 5.85% on Wednesday. Following a 2.39% gain on Tuesday, Dogecoin ended the day at $0.2947.

A mixed start to the day saw Dogecoin fall to an early morning intraday low $0.2730 before making a move.

Steering clear of the first major support level at $0.2701, Dogecoin rallied to a final hour intraday high $0.2959.

Dogecoin broke through the first major resistance level at $0.2863 and the second major resistance level at $0.2943 to end the day at $0.2947 levels.

At the time of writing, Dogecoin was up by 4.64% to $0.3084. A bullish start to the day saw Dogecoin rise from an early morning low $0.2919 to a high $0.3084.

Dogecoin broke through the 23.6% FIB of $0.3016 and the first major resistance level at $0.3027 early on.

For the day ahead

Dogecoin would need to avoid a fall back through the first major resistance level at $0.3027 to bring the second major resistance level at $0.3108 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 second 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 third major resistance level sits at $0.3337.

A fall back through the first major resistance level and 23.6% FIB of $0.3016 would bring sub-$0.29 levels into play.

Barring a fall through the $0.2879, however, Dogecoin should avoid the first major support level at $0.2798.

Looking at the Technical Indicators

First Major Support Level: $0.2798

Pivot Level: $0.2879

First Major Resistance Level: $0.3027

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



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