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Dogecoin – Daily Tech Analysis – August 30th, 2021

By:
Bob Mason
Published: Aug 30, 2021, 00:53 GMT+00:00

Following 2 consecutive days in the red, Dogecoin would need to move back through to $0.29 levels to avoid making it a third...

Gold red bitcoin coin

Dogecoin

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.

DOGEUSD 300821 Hourly Chart

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

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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