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Dogecoin – Daily Tech Analysis – October 6th, 2021

·2 min read

Dogecoin

Dogecoin rose by 4.22% on Tuesday. Following an 8.88% rally on Monday, Dogecoin ended the day at $0.2518.

A choppy start to the day saw Dogecoin fall to a late morning intraday low $0.2327 before making a move.

Steering clear of the first major support level at $0.2195, Dogecoin rallied to a mid-afternoon intraday high $0.2682.

Dogecoin broke through the first major resistance level at $0.2563 before easing back to end the day at sub-$0.2520 levels.

At the time of writing, Dogecoin was down by 0.17% to $0.2514. A mixed start to the day saw Dogecoin fall to an early morning low $0.2501 before rising to a high $0.2579.

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

For the day ahead

Dogecoin would need to avoid a fall back through the $0.2509 pivot to bring the first major resistance level at $0.2691 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.265 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.2682 would likely cap the upside

In the event of a broad-based crypto rally, Dogecoin could test the second major resistance level at $0.2864.

A fall back through $0.2509 pivot would bring the first major support level at $0.2336 into play.

Barring another extended sell-off, however, Dogecoin should avoid sub-$0.22 levels. The second major support level sits at $0.2154.

Looking at the Technical Indicators

First Major Support Level: $0.2336

Pivot Level: $0.2509

First Major Resistance Level: $0.2691

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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