Dogecoin – Daily Tech Analysis – August 12th, 2021

Dogecoin

Dogecoin rose by 2.80% on Wednesday. Following a 0.51% gain on Tuesday, Dogecoin ended the day at $0.2647.

A mixed start to the day saw Dogecoin fall to an early morning intraday low $0.2564 before making a move.

Steering clear of the first major support level at $0.2474, Dogecoin rallied to a late afternoon intraday high $0.2832.

Dogecoin broke through the first major resistance level at $0.2656 and the second major resistance level at $0.2736.

A bearish end to the day, however, saw Dogecoin fall back through the major resistance levels to end the day at sub-$0.2650 levels.

At the time of writing, Dogecoin was up by 2.24% to $0.2706. A mixed start to the day saw Dogecoin fall to an early morning low $0.2625 before rising to a high $0.2742.

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 $0.2681 pivot to bring the first major resistance level at $0.2798 into play.

Support from the broader market would be needed, however, for Dogecoin to break out from this morning’s high $0.2742.

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

In the event of another breakout, Dogecoin could test resistance at the 23.6% FIB of $0.3016. The second major resistance level sits at $0.2949.

A fall back through the $0.2681 pivot would bring the first major support level at $0.2530 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.25 levels. The second major support level sits at $0.2413.

Looking at the Technical Indicators

First Major Support Level: $0.2530

Pivot Level: $0.2681

First Major Resistance Level: $0.2798

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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