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Dogecoin – Daily Tech Analysis – August 2nd, 2021

·2 min read

Dogecoin

Dogecoin fell by 1.73% on Sunday. Reversing a 1.02% gain from Saturday, Dogecoin ended the week up by 3.12% to $0.2043.

After a mixed the start to the day, Dogecoin rose to an early morning intraday high $0.2180 before hitting reverse.

Dogecoin broke through the first major resistance level at $0.2134 before sliding to a late intraday low $0.2003.

Dogecoin fell through the first major support level at $0.2037 before a late move back through to $0.2040 levels.

At the time of writing, Dogecoin was up by 0.11% to $0.2046. A mixed start to the day saw Dogecoin fall to an early morning low $0.2038 before rising to a high $0.2058.

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

For the day ahead

Dogecoin would need to move through the $0.2075 pivot to bring the first major resistance level at $0.2148 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.21 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.2180 would likely cap any upside.

In the event of another breakout, Dogecoin could test the second major resistance level at $0.2252 before any pullback.

Failure to move through the $0.2075 pivot would bring the first major support level at $0.1971 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.19 levels. The second major support level sits at $0.1898.

Looking at the Technical Indicators

First Major Support Level: $0.1971

Pivot Level: $0.2075

First Major Resistance Level: $0.2148

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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