Dogecoin – Daily Tech Analysis – September 20th, 2021


Dogecoin

Dogecoin fell by 3.48% on Sunday. Reversing a 0.58% gain from Saturday, Dogecoin ended the week 6.93% to $0.2330.

A mixed start to the day saw Dogecoin rise to an early morning intraday high $0.2415 before hitting reverse.

Falling short of the first major resistance level at $0.2465, Dogecoin slid to a late intraday low $0.2308.

Dogecoin fell through the first major support level at $0.2371 and the second major support level at $0.2329.

Steering clear of sub-$0.23 levels, however, Dogecoin broke back through the second major support level to end the day at $0.233 levels.

At the time of writing, Dogecoin was down by 1.95% to $0.2284. A mixed start to the day saw Dogecoin rise to an early morning high $0.2335 before falling to a low $0.2254.

Dogecoin fell through the first major support level at $0.2287 early on.

For the day ahead

Dogecoin would need to move through the $0.2351 pivot to bring the first major resistance level at $0.2394 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through the first major support level to $0.235 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.2415 would likely cap the upside

In the event of a broad-based crypto rally, Dogecoin could test resistance at $0.25 levels before any pullback. The second major resistance level sits at $0.2458.

Failure to move back through the first major support level at $0.2287 would bring the second major support level at $0.2244 back into play.

Barring another extended sell-off, however, Dogecoin should avoid sub-$0.22 levels. The third major support level sits at $0.2137.

Looking at the Technical Indicators

First Major Support Level: $0.2287

Pivot Level: $0.2351

First Major Resistance Level: $0.2394

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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