Dogecoin – Daily Tech Analysis – September 16th, 2021


Dogecoin

Dogecoin rose by 2.95% on Wednesday. Following a 2.03% gain on Tuesday, Dogecoin ended the day at $0.2478.

A mixed start to the day saw Dogecoin fall to an early morning intraday low $0.2390 before making a move.

Steering clear of the first major support level at $0.2358, Dogecoin rose to a late intraday high $0.2483.

Dogecoin broke through the first major resistance level at $0.2437 and the second major resistance level at $0.2466 to end the day at $0.247 levels.

At the time of writing, Dogecoin was down by 0.83% to $0.2457. A mixed start to the day saw Dogecoin rise to an early morning high $0.2480 before falling to a low $0.2415.

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

For the day ahead

Dogecoin would need to avoid a fall back through the $0.2450 pivot to bring the first major resistance level at $0.2511 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.25 levels.

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 $0.26 levels before any pullback. The second major resistance level sits at $0.2543.

A fall back through the $0.2450 pivot would bring the first major support level at $0.2411 into play.

Barring another extended sell-off, however, Dogecoin should avoid sub-$0.23 levels. The second major support level at $0.2357 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.2418

Pivot Level: $0.2450

First Major Resistance Level: $0.2511

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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