Dogecoin – Daily Tech Analysis – October 4th, 2021


Dogecoin

Dogecoin rose by 1.51% on Sunday. Partially reversing a 1.97% decline from Saturday, Dogecoin ended the week up by 8.19% to $0.2219.

A mixed start to the day saw Dogecoin fall to an early morning intraday low $0.2156 before making a move.

Steering clear of the first major support level at $0.2142, Dogecoin rallied to a late afternoon intraday high $0.2268.

Dogecoin broke through the first major resistance level at $0.2240 before a pullback to sub-0.2190 levels.

Finding late support, however, Dogecoin moved back through to $0.22 levels to deliver the upside on the day.

At the time of writing, Dogecoin was down by 1.23% to $0.2191. A bearish start to the day saw Dogecoin fall from an early morning high $0.2219 to a low $0.2187.

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

For the day ahead

Dogecoin would need to move back through the $0.2214 pivot to bring the first major resistance level at $0.2273 into play.

Support from the broader market would be needed, however, for Dogecoin to break out from $0.2250 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.2268 would likely cap the upside

In the event of a broad-based crypto rally, Dogecoin could test resistance at $0.24 levels before any pullback. The second major resistance level sits at $0.2326.

Failure to move back through $0.2214 pivot would bring the first major support level at $0.2161 into play.

Barring another extended sell-off, however, Dogecoin should avoid sub-$0.21 levels. The second major support level at $0.2102 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.2161

Pivot Level: $0.2214

First Major Resistance Level: $0.2273

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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