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Dogecoin – Daily Tech Analysis – July 19th, 2021

By:
Bob Mason
Published: Jul 19, 2021, 01:09 UTC

It's a bearish start to the day for Dogecoin. Failure to move through the day's pivot and back through to $0.19 levels would leave Dogecoin in the deep red on the day.

Gold red bitcoin coin

Dogecoin

Dogecoin slid by 3.15% on Sunday. Partially reversing a 9.01% rally from Saturday, Dogecoin ended the week down by 15.90% to $0.1816.

A bullish the start of the day saw Dogecoin rally to an early morning intraday high $0.1960 before hitting reverse.

Falling short of the first major resistance level at $0.2056, Dogecoin slid to a final hour intraday low $0.1803.

Steering clear of the first major support level at $0.1691, Dogecoin ended the day at $0.181 levels.

At the time of writing, Dogecoin was down by 1.22% to $0.1794. A mixed start to the day saw Dogecoin rise to an early morning high $0.1843 before falling to a low $0.1789.

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

DOGEUSD 190721 Hourly Chart

For the day ahead

Dogecoin would need to move through the $0.1860 pivot to bring the first major resistance level at $0.1916 into play.

Support from the broader market would be needed, however, for Dogecoin to move back through to $0.19 levels.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.1960 would likely cap any upside.

In the event of a breakout, Dogecoin could test resistance at $0.20 levels before any pullback. The second major resistance level sits at $0.2017.

Failure to move through the $0.1860 pivot would bring the first major support level at $0.1759 back into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.17 levels. The second major support level at $0.1703 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.1759

Pivot Level: $0.1860

First Major Resistance Level: $0.1916

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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