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Dogecoin – Daily Tech Analysis – August 11th, 2021

By:
Bob Mason
Updated: Aug 11, 2021, 15:21 GMT+00:00

After a mixed session on Tuesday, Dogecoin would need to avoid the day's pivot to continue the move back through to $0.30 levels.

Dogecoin is a modern way of exchange and this crypto currency

Dogecoin

Dogecoin rose by 0.51% on Tuesday. Following a 6.75% rally on Monday, Dogecoin ended the day at $0.2575.

After a choppy morning, Dogecoin fell to a late afternoon intraday low $0.2453 before making a move.

Steering clear of the first major support level at $0.2356, Dogecoin rallied to a late intraday high $0.2635.

Falling short of the first major resistance level at $0.2718, however, Dogecoin fell back to end the day at sub-$0.26 levels.

At the time of writing, Dogecoin was down by 0.11% to $0.2573. A mixed start to the day saw Dogecoin rise to an early morning high $0.2590 before falling to a low $0.2564.

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

DOGEUSD 110821 Hourly Chart

For the day ahead

Dogecoin would need to avoid the $0.2554 pivot to bring the first major resistance level at $0.2656 into play.

Support from the broader market would be needed, however, for Dogecoin to break out from Tuesday’s high $0.2635.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another breakout, Dogecoin could test resistance at $0.28. The second major resistance level sits at $0.2736.

A fall through the $0.2554 pivot would bring the first major support level at $0.2474 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.23 levels. The second major support level at $0.2372 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.2474

Pivot Level: $0.2554

First Major Resistance Level: $0.2656

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

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About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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