Dogecoin – Daily Tech Analysis –July 22nd, 2021It’s been a mixed start to the day for Dogecoin. A move back through the day’s pivot level would be needed to avoid a reversal of Wednesday’s gains…
Dogecoin jumped by 11.80% on Wednesday. Reversing a 1.84% loss from Tuesday, Dogecoin ended the day at $0.1905.
A mixed the start of the day saw Dogecoin slide to an early morning intraday low $0.1684 before finding support.
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Steering clear of the first major support level at $0.1601, Dogecoin rallied to a late afternoon intraday high $0.2145.
Dogecoin broke through the day’s major resistance levels before a pullback to sub-$0.1850 levels.
The reversal saw Dogecoin fall back through the third major resistance level at $0.2109 and the second major resistance level at $0.1905.
Finding late support, however, Dogecoin wrapped up the day at $0.19 levels. The second major resistance level at $0.1905 capped the upside late in the day.
At the time of writing, Dogecoin was down by 0.95% to $0.1887. A mixed start to the day saw Dogecoin rise to an early morning high $0.1964 before falling to a low $0.1870.
Dogecoin left the major support and resistance levels untested early on.
For the day ahead
Dogecoin would need to move back through the $0.1911 pivot to bring the first major resistance level at $0.2139 into play.
Support from the broader market would be needed, however, for Dogecoin to move back through to $0.21 levels.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high $0.2145 would likely cap any upside.
In the event of another breakout, Dogecoin could test resistance at $0.23 levels before any pullback. The second major resistance level sits at $0.2372.
Failure to move back through the $0.1911 pivot would bring the first major support level at $0.1678 into play.
Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.16 levels. The second major support level sits at $0.1450.
Looking at the Technical Indicators
First Major Support Level: $0.1678
Pivot Level: $0.1911
First Major Resistance Level: $0.2139
23.6% FIB Retracement Level: $0.3016
38.2% FIB Retracement Level: $0.3859
62% FIB Retracement Level: $0.5221
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