Dogecoin – Daily Tech Analysis – September 9th, 2021


Dogecoin rose by 0.51% on Wednesday. Following a 17.43% tumble on Tuesday, Dogecoin ended the day at $0.2567.

A mixed start to the day saw Dogecoin fall to a late morning intraday low $0.2335 before making a move.

Steering clear of the first major support level at $0.2062, Dogecoin rose to a late afternoon intraday high $0.2634.

Falling short of the 23.6% FIB of $0.3016 and the first major resistance level at $0.3080, Dogecoin eased back to end the day at sub-$0.26 levels.

At the time of writing, Dogecoin was up by 0.10% to $0.2569. A mixed start to the day saw Dogecoin rise to an early morning high $0.2597 before falling to a low $0.2544.

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

For the day ahead

Dogecoin would need to avoid the $0.2512 pivot to bring the first major resistance level at $0.2689 into play.

Support from the broader market would be needed, however, for Dogecoin to break out from Wednesday’s high $0.2634.

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

In the event of a broad-based crypto rally, Dogecoin could test resistance at the 23.6% FIB of $0.3016 before any pullback. The second major resistance level sits at $0.2811.

A fall through the $0.2512 pivot would bring the first major support level at $0.2390 into play.

Barring another extended sell-off, however, Dogecoin should avoid sub-$0.20 levels. The second major support level at $0.2213 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.2390

Pivot Level: $0.2512

First Major Resistance Level: $0.2689

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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