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Dogecoin – Daily Tech Analysis –July 6th, 2021

·2 min read

Dogecoin

Dogecoin slid by 6.21% on Monday. Following a 0.04% decline on Sunday, Dogecoin ended the day at $0.2311.

Bearish from the start of the day, Dogecoin fell from an early morning intraday high $0.2466 to a late morning intraday low $0.2259.

Dogecoin fell through the day’s major support levels before finding late morning support.

Through the afternoon, Dogecoin broke back through the third major support level at $0.2285 to revisit $0.236 levels.

A bearish end to the day, however, saw Dogecoin fall back to end the day at $0.231 levels.

At the time of writing, Dogecoin was up by 1.21% to $0.2339. A mixed start to the day saw Dogecoin fall to an early morning low $0.2308 before rising to a high $0.2349.

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

For the day ahead

Dogecoin would need to move back through the $0.2345 pivot to bring the first major resistance level at $0.2432 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.24 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $0.2466 would likely cap any upside.

In the event of a breakout, Dogecoin could test resistance at $0.26 levels before any pullback. The second major resistance level sits at $0.2552.

Failure to move back through the $0.2345 pivot would bring the first major support level at $0.2225 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub $0.21 levels. The second major support level at $0.2138 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.2225

Pivot Level: $0.2345

First Major Resistance Level: $0.2432

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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