Dogecoin – Daily Tech Analysis – August 30th, 2021
Dogecoin fell by 1.85% on Sunday. Following a 2.88% decline on Saturday, Dogecoin ended the week down by 10.73% to $0.2812.
A bullish start to the day saw Dogecoin rise to an early morning intraday high $0.2921 before hitting reverse.
Falling short of the first major resistance level at $0.2963, Dogecoin fell to a mid-afternoon intraday low $0.2767.
Dogecoin fell through the first major support level at $0.2796 before a partial recovery to $0.28 levels.
At the time of writing, Dogecoin was down by 0.97% to $0.2784. A mixed start to the day saw Dogecoin rise to an early morning high $0.2822 before falling to a low $0.2782.
Dogecoin left the major support and resistance levels untested early on.
For the day ahead
Dogecoin would need to move through the $0.2833 pivot to bring the first major resistance level at $0.2900 into play.
Support from the broader market would be needed, however, for Dogecoin to break back through to $0.29 levels.
Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.2921 would likely cap any upside.
In the event of a breakout, Dogecoin could test resistance at the 23.6% FIB of $0.3016 before any pullback. The second major resistance level sits at $0.2987.
Failure to move through the $0.2833 would bring the first major support level at $0.2746 into play.
Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.27 levels. The second major support level sits at $0.2679.
Looking at the Technical Indicators
First Major Support Level: $0.2746
Pivot Level: $0.2833
First Major Resistance Level: $0.2900
23.6% FIB Retracement Level: $0.3016
38.2% FIB Retracement Level: $0.3859
62% FIB Retracement Level: $0.5221
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