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Dogecoin – Daily Tech Analysis – August 17th, 2021

Dogecoin

Dogecoin slid by 6.11% on Monday. Partially reversing a 15.64% rally from Sunday, Dogecoin ended the day at $0.3194.

A mixed start to the day saw Dogecoin rise to a late morning intraday high $0.3520 before hitting reverse.

Falling short of the first major resistance level at $0.3645, Dogecoin slid to a late intraday low $0.3100.

Steering clear of the 23.6% FIB of $0.3016 and the first major support level at $0.3013, Dogecoin revisited $0.327 levels before easing back.

At the time of writing, Dogecoin was down by 1.20% to $0.3155. A mixed start to the day saw Dogecoin rose to an early morning high $0.3219 before falling to a low $0.3055.

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

For the day ahead

Dogecoin would need to move through the $0.3271 pivot to bring the first major resistance level at $0.3443 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.34 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $0.3520 would likely cap any upside.

In the event of another breakout, Dogecoin could test resistance at the 38.2% FIB of $0.3859. The second major resistance level sits at $0.3691.

Failure to move through the $0.3271 pivot would bring the first major support level at $0.3023 and the 23.6% FIB of $0.3016 into play.

Barring an extended sell-off, however, Dogecoin should steer clear of sub-$0.29 levels. The second major support level sits at $0.2851.

Looking at the Technical Indicators

First Major Support Level: $0.3023

Pivot Level: $0.3271

First Major Resistance Level: $0.3443

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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