Dogecoin – Daily Tech Analysis –July 28th, 2021

Bob Mason
Published: Jul 28, 2021, 00:40 GMT+00:00

It's been a bearish start to the day. Failure to move back through the day's pivot would leave support levels in play...

Top view of Dogecoin cryptocurrency physical coin


Dogecoin rose by 1.08% on Tuesday. Following a 2.77% gain on Monday, Dogecoin ended the day at $0.2059.

A mixed the start of the day saw Dogecoin fall to an early morning intraday low $0.1951 before finding support.

Steering clear of the first major support level at $0.1895, Dogecoin rallied to an early afternoon intraday high $0.2095.

Falling well short of the first major resistance level at $0.2255, however, Dogecoin slid back to sub-$0.20 levels before ending the day at $0.205 levels.

At the time of writing, Dogecoin was down by 1.21% to $0.2034. A mixed start to the day saw Dogecoin rise to an early morning high $0.2065 before falling to a low $0.2025.

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

DOGEUSD 280721 Hourly Chart

For the day ahead

Dogecoin would need to move back through the $0.2035 pivot to bring the first major resistance level at $0.2119 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.21 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another breakout, Dogecoin could test resistance at $0.22 levels before any pullback. The second major resistance level sits at $0.2179.

Failure to move back through the $0.2035 pivot would bring the first major support level at $0.1975 into play.

Barring an extended sell-off, however, Dogecoin should steer clear of sub-$0.19 levels. The second major support level sits at $0.1891.

Looking at the Technical Indicators

First Major Support Level: $0.1975

Pivot Level: $0.2035

First Major Resistance Level: $0.2119

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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