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Dogecoin – Daily Tech Analysis – August 2nd, 2021

By:
Bob Mason

It's been a mixed start to the day for Dogecoin. A move through the day's pivot would bring resistance levels into play, however.

Dogecoin is a modern way of exchange and this crypto currency

Dogecoin

Dogecoin fell by 1.73% on Sunday. Reversing a 1.02% gain from Saturday, Dogecoin ended the week up by 3.12% to $0.2043.

After a mixed the start to the day, Dogecoin rose to an early morning intraday high $0.2180 before hitting reverse.

Dogecoin broke through the first major resistance level at $0.2134 before sliding to a late intraday low $0.2003.

Dogecoin fell through the first major support level at $0.2037 before a late move back through to $0.2040 levels.

At the time of writing, Dogecoin was up by 0.11% to $0.2046. A mixed start to the day saw Dogecoin fall to an early morning low $0.2038 before rising to a high $0.2058.

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

DOGEUSD 020821 Hourly Chart

For the day ahead

Dogecoin would need to move through the $0.2075 pivot to bring the first major resistance level at $0.2148 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.21 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.2180 would likely cap any upside.

In the event of another breakout, Dogecoin could test the second major resistance level at $0.2252 before any pullback.

Failure to move through the $0.2075 pivot would bring the first major support level at $0.1971 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.19 levels. The second major support level sits at $0.1898.

Looking at the Technical Indicators

First Major Support Level: $0.1971

Pivot Level: $0.2075

First Major Resistance Level: $0.2148

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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