Dogecoin – Daily Tech Analysis – August 15th, 2021
Dogecoin rallied by 11.14% on Saturday. Following a 2.80% gain from Friday, Dogecoin ended the day at $0.2942.
A choppy morning saw Dogecoin rise to a late morning intraday high $0.2988 before hitting reverse.
Dogecoin broke through the first major resistance level at $0.2798 and the second major resistance level at $0.2949
The reversal saw Dogecoin slide to a late morning intraday low $0.2671.
Steering clear of the first major support level at $0.2530, Dogecoin broke back through the first major resistance level to end the day at $0.294 levels.
The second major resistance level at $0.2949 capped the upside late in the day.
At the time of writing, Dogecoin was up by 4.88% to $0.3086. A mixed start to the day saw Dogecoin fall to an early morning low $0.2887 before rising to a high $0.3098.
Dogecoin broke through 23.6% FIB of $0.3016 and the first major resistance level at $0.3063 early on.
For the day ahead
Dogecoin would need to avoid a fall back through the first major resistance level and 23.6% FIB to bring the second major resistance level at $0.3184 into play.
Support from the broader market would be needed, however, for Dogecoin to break out from this morning’s high $0.3098.
Barring an extended rally, the second major resistance level at $0.3184 would likely cap any upside.
In the event of an extended breakout, Dogecoin could test resistance at $0.33 levels before any pullback. The third major resistance level sits at $0.3501.
A fall back through first major resistance level and 23.6% FIB of $0.3016 would bring $0.28 levels back into play.
Barring a fall through the day’s $0.2867 pivot, however, Dogecoin should steer clear of the first major support level at $0.2746.
Looking at the Technical Indicators
First Major Support Level: $0.2746
Pivot Level: $0.2867
First Major Resistance Level: $0.3063
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.