Dogecoin – Daily Tech Analysis – August 16th, 2021

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Updated: Aug 16, 2021, 06:55 UTC

It's been a mixed start to the day for Dogecoin. Following last week's breakout, avoiding the day's pivot would be key to supporting further upside.

Dogecoin

Dogecoin rallied by 15.64% on Sunday. Following an 11.14% gain on Saturday, Dogecoin ended the week up by 41.77% to $0.3402.

A mixed start to the day saw Dogecoin fall to a mid-morning intraday low $0.2866 before making a move.

Steering clear of the first major support level at $0.2746, Dogecoin rallied to a late intraday high $0.3498.

Dogecoin broke through the first major resistance level at $0.3063 and the second major resistance level at $0.3184.

More significantly, Dogecoin also broke through the 23.6% FIB of $0.3016.

Testing resistance at the third major resistance level at $0.3501, however, Dogecoin eased back to end the day at $0.3402.

At the time of writing, Dogecoin was up by 0.16% to $0.3408. A mixed start to the day saw Dogecoin rise to an early morning high $0.3449 before falling to a low $0.32995.

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

For the day ahead

Dogecoin would need to avoid the $0.3255 pivot to bring the first major resistance level at $0.3645 into play.

Support from the broader market would be needed, however, for Dogecoin to break out from Sunday’s high $0.3498.

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 the 38.2% FIB of $0.3859. The second major resistance level sits at $0.3887.

A fall through the $0.3255 pivot would bring the 23.6% FIB of $0.3016 and the first major support level at $0.3013 into play.

Barring an extended sell-off, however, Dogecoin should steer clear of sub-$0.30 levels. The second major support level sits at $0.2623.

Looking at the Technical Indicators

First Major Support Level: $0.3013

Pivot Level: $0.3255

First Major Resistance Level: $0.3645

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.