Dogecoin – Daily Tech Analysis –July 20th, 2021After a second consecutive day in the red on Monday, Dogecoin would need to move back through to $0.18 levels to begin the recovery of recent losses.
Dogecoin slid by 4.41% on Monday. Following a 3.15% loss on Sunday, Dogecoin ended the day at $0.1736.
A mixed the start of the day saw Dogecoin rise to an early morning intraday high $0.1843 before hitting reverse.
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Falling short of the first major resistance level at $0.1916, Dogecoin slid to an early afternoon intraday low $0.1704.
Dogecoin fell through the first major support level at $0.1759.
Finding support at the second major support level at $0.1703, Dogecoin revisited $0.176 levels before easing back.
The first major support level pinned Dogecoin back in the 2nd half of the day.
At the time of writing, Dogecoin was up by 0.04% to $0.1737. A mixed start to the day saw Dogecoin fall to an early morning low $0.1727 before rising to a high $0.1758.
Dogecoin left the major support and resistance levels untested early on.
For the day ahead
Dogecoin would need to move through the $0.1761 pivot to bring the first major resistance level at $0.1818 into play.
Support from the broader market would be needed, however, for Dogecoin to move back through to $0.18 levels.
Barring an extended crypto rally, the first major resistance level and Monday’s high $0.1843 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 $0.1900.
Failure to move through the $0.1761 pivot would bring the first major support level at $0.1679 into play.
Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.15 levels. The second major support level at $0.1622 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $0.1679
Pivot Level: $0.1761
First Major Resistance Level: $0.1818
23.6% FIB Retracement Level: $0.3016
38.2% FIB Retracement Level: $0.3859
62% FIB Retracement Level: $0.5221
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