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Dogecoin – Daily Tech Analysis – August 25th, 2021

By:
Bob Mason
Published: Aug 25, 2021, 01:01 UTC

After a particularly bearish Tuesday, Dogecoin would need to move back through to $0.30 levels to avoid another day in the red.

Dogecoin is a modern way of exchange and this crypto currency

Dogecoin

Dogecoin slid by 9.19% on Tuesday. Reversing a modest 0.92% gain from Monday, Dogecoin ended the day at $0.2887.

A mixed start to the day saw Dogecoin rise to an early morning intraday high $0.3197 before hitting reverse.

Falling short of the first major resistance level at $0.3264, Dogecoin tumbled to a late afternoon intraday low $0.2759.

The sell-off saw Dogecoin fall through the day’s major support levels and through the 23.6% FIB of $0.3016.

Finding late support, Dogecoin briefly broke back through the third major support level at $0.2895 before easing back.

The 23.6% FIB of $0.3016 pinned Dogecoin back late in the day.

At the time of writing, Dogecoin was up by 1.75% to $0.2937. A mixed start to the day saw Dogecoin fall to an early morning low $0.2881 before rising to a high $0.2940.

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

DOGEUSD 250821 Hourly Chart

For the day ahead

Dogecoin would need to move through the $0.2948 pivot and the 23.6% FIB of $0.3016 to bring the first major resistance level at $0.3136 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.31 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.3197 would likely cap any upside.

In the event of a breakout, Dogecoin could test the second major resistance level at $0.3386.

Failure to move through the $0.2948 would bring the first major support level at $0.2698 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.26 levels. The second major support level sits at $0.2510.

Looking at the Technical Indicators

First Major Support Level: $0.2698

Pivot Level: $0.2948

First Major Resistance Level: $0.3136

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

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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