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Dogecoin – Daily Tech Analysis – August 3rd, 2021

·2 min read

Dogecoin

Dogecoin fell by 0.49% on Monday. Following a 1.73% decline on Sunday, Dogecoin ended the day at $0.2034.

After a mixed the start to the day, Dogecoin rose to a mid-morning intraday high $0.2099 before hitting reverse.

Falling short of the first major resistance level at $0.2148, Dogecoin slid to a late intraday low $0.2017.

Steering clear of the first major support level at $0.1971, Dogecoin moved back through to $0.2030 levels to limit the downside.

At the time of writing, Dogecoin was up by 0.69% to $0.2048. A mixed start to the day saw Dogecoin fall to an early morning low $0.2020 before rising to a high $0.2050.

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

For the day ahead

Dogecoin would need to move back through the $0.2050 pivot to bring the first major resistance level at $0.2083 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.2080 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $0.2099 would likely cap any upside.

In the event of another breakout, Dogecoin could test resistance at $0.2150 before any pullback. The second major resistance level sits at $0.2132.

Failure to move back through the $0.2050 pivot would bring the first major support level at $0.2001 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of the second major support level at $0.1968.

Looking at the Technical Indicators

First Major Support Level: $0.2001

Pivot Level: $0.2050

First Major Resistance Level: $0.2083

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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