Dogecoin – Daily Tech Analysis – August 11th, 2021
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.
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
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