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Dogecoin – Daily Tech Analysis – August 24th, 2021

·2 min read


Dogecoin rose by 0.92% on Monday. Reversing a 0.60% loss from Sunday, Dogecoin ended the day at $0.3179.

A mixed start to the day saw Dogecoin fall to an early morning intraday low $0.3131 before making a move.

Steering clear of the first major support level at $0.3060, Dogecoin rose to a late morning intraday high $0.3282 before hitting reverse.

Dogecoin broke through the first major resistance level at $0.3229 before falling back to $0.3131 levels.

Continuing to steer clear of the major support levels, Dogecoin moved back through to $0.317 levels and into the green.

At the time of writing, Dogecoin was down by 0.96% to $0.3148. A mixed start to the day saw Dogecoin rise to an early morning high $0.3197 before falling to a low $0.3148.

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

For the day ahead

Dogecoin would need to move through the $0.3197 pivot to bring the first major resistance level at $0.3264 into play.

Support from the broader market would be needed, however, for Dogecoin to break out from $0.3250 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $0.3282 would likely cap any upside.

In the event of a breakout, Dogecoin could test the second major resistance level at $0.3348.

Failure to move through the $0.3196 would bring the first major support level at $0.3113 into play.

Barring an extended sell-off, however, Dogecoin should steer clear of sub-$0.30 levels. The second major support level at $0.3046 and 23.6% FIB of $0.3016 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.3113

Pivot Level: $0.3197

First Major Resistance Level: $0.3264

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