Dogecoin – Daily Tech Analysis – September 7th, 2021


Dogecoin

Dogecoin fell by 1.72% on Monday. Partially reversing a 5.08% rally from Sunday, Dogecoin ended the day at $0.3093.

A mixed start to the day saw Dogecoin rise to a late morning intraday high $0.3202 before hitting reverse.

Falling short of the first major resistance level at $0.3217, Dogecoin slid to a mid-day intraday low $0.3000.

Dogecoin fell through the first major support level at $0.3021 and the 23.6% FIB of $0.3016.

Steering clear of sub-$0.30 levels, however, Dogecoin revisited $0.31 levels before easing back

At the time of writing, Dogecoin was down by 0.80% to $0.3068. A mixed start to the day saw Dogecoin rise to an early morning high $0.3115 before falling to a low $0.3066.

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

For the day ahead

Dogecoin would need to move back through the $0.3098 pivot to bring the first major resistance level at $0.3197 into play.

Support from the broader market would be needed, however, for Dogecoin to break through to $0.3150 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $0.3202 would likely cap any upside.

In the event of a breakout, Dogecoin could test resistance at $0.34 levels before any pullback. The second major resistance level sits at $0.3300.

Failure to move back through the $0.3098 pivot would bring the 23.6% FIB of $0.3016 and the first major support level at $0.2995 into play.

Barring an extended sell-off, however, Dogecoin should avoid sub-$0.29 levels. The second major support level sits at $0.2896.

Looking at the Technical Indicators

First Major Support Level: $0.2995

Pivot Level: $0.3098

First Major Resistance Level: $0.3197

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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