Dogecoin – Daily Tech Analysis – August 4th, 2021
Dogecoin slid by 3.54% on Tuesday. Following a 0.49% decline on Monday, Dogecoin ended the day at $0.1962.
A mixed the start to the day saw Dogecoin rise to an early morning intraday high $0.2051 before hitting reverse.
Falling short of the first major resistance level at $0.2083, Dogecoin slid to a mid-day intraday low $0.1929.
Dogecoin fell through the first major support level at $0.2001 and the second major support level at $0.1968.
Finding early afternoon support, Dogecoin briefly broke back through the second major support level before ending the day at sub-$0.1965 levels.
At the time of writing, Dogecoin was up by 1.18% to $0.1985. A mixed start to the day saw Dogecoin fall to an early morning low $0.1962 before rising to a high $0.1999.
Dogecoin left the major support and resistance levels untested early on.
For the day ahead
Dogecoin would need to avoid a fall back through the $0.1981 pivot to bring the first major resistance level at $0.2032 into play.
Support from the broader market would be needed, however, for Dogecoin to break back through to $0.20 levels.
Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.2051 would likely cap any upside.
In the event of another breakout, Dogecoin could test the second major resistance level at $0.2103.
A fall back through the $0.1981 pivot would bring the first major support level at $0.1910 into play.
Barring another extended sell-off, however, Dogecoin should steer clear of the second major support level at $0.1859.
Looking at the Technical Indicators
First Major Support Level: $0.1910
Pivot Level: $0.1981
First Major Resistance Level: $0.2032
23.6% FIB Retracement Level: $0.3016
38.2% FIB Retracement Level: $0.3859
62% FIB Retracement Level: $0.5221
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