Dogecoin – Daily Tech Analysis – August 26th, 2021
Dogecoin rose by 1.35% on Wednesday. Partially reversing a 9.19% slide from Tuesday, Dogecoin ended the day at $0.2926.
A mixed start to the day saw Dogecoin rise to an early morning intraday high $0.2968 before hitting reverse.
Falling short of the 23.6% FIB of $0.3016 and the first major resistance level at $0.3136, Dogecoin slid to late morning intraday low $0.2794.
Steering clear of the first major support level at $0.2698, Dogecoin recovered to a late afternoon high $0.2953 before easing back.
At the time of writing, Dogecoin was down by 0.16% to $0.2921. A mixed start to the day saw Dogecoin rise to an early morning high $0.2938 before falling to a low $0.2901.
Dogecoin left the major support and resistance levels untested early on.
For the day ahead
Dogecoin would need to avoid the $0.2896 pivot to bring the first major resistance level at $0.2998 and the 23.6% FIB of $0.3016 into play.
Support from the broader market would be needed, however, for Dogecoin to break out from $0.2950 levels.
Barring an extended crypto rally, the first major resistance level and the 23.6% FIB of $0.3016 would likely cap any upside.
In the event of a breakout, Dogecoin could test resistance at $0.31 levels before any pullback. The second major resistance level sits at $0.3070.
A fall through the $0.2896 would bring the first major support level at $0.2824 into play.
Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.27 levels. The second major support level at $0.2722 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $0.2824
Pivot Level: $0.2896
First Major Resistance Level: $0.2998
23.6% FIB Retracement Level: $0.3016
38.2% FIB Retracement Level: $0.3859
62% FIB Retracement Level: $0.5221
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