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Dogecoin – Daily Tech Analysis –July 21st, 2021

By:
Bob Mason
Published: Jul 21, 2021, 00:34 UTC

It's been a mixed start to the day for Dogecoin. A fall back through the day's pivot would bring support levels into play once more.

Dogecoin is a modern way of exchange and this crypto currency

Dogecoin

Dogecoin fell by 1.84% on Tuesday. Following a 4.41% slide on Monday, Dogecoin ended the day at $0.1704.

A mixed the start of the day saw Dogecoin slide to a late morning intraday low $0.1598 before finding support.

Dogecoin fell through the first major support level at $0.1679 and the second major support level at $0.1622.

Steering clear of sub-$0.15 levels, Dogecoin rallied to a late afternoon intraday high $0.1802 before sliding back into the red.

The first major resistance level at $0.1818 pinned Dogecoin back on the day.

At the time of writing, Dogecoin was up by 0.22% to $0.1708. A mixed start to the day saw Dogecoin fall to an early morning low $0.1697 before rising to a high $0.1739.

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

DOGEUSD 210721 Hourly Chart

For the day ahead

Dogecoin would need to avoid a fall back through the $0.1701 pivot to bring the first major resistance level at $0.1805 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 Tuesday’s high $0.1802 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 $0.1905.

A fall back through the $0.1701 pivot would bring the first major support level at $0.1601 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.15 levels. The second major support level sits at $0.1497.

Looking at the Technical Indicators

First Major Support Level: $0.1601

Pivot Level: $0.1701

First Major Resistance Level: $0.1805

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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