Dogecoin – Daily Tech Analysis –July 6th, 2021It’s been a relatively bullish start to the day. Dogecoin would need to move back through the day’s pivot and early high, however, to avoid another day in the red.
Dogecoin slid by 6.21% on Monday. Following a 0.04% decline on Sunday, Dogecoin ended the day at $0.2311.
Bearish from the start of the day, Dogecoin fell from an early morning intraday high $0.2466 to a late morning intraday low $0.2259.
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Dogecoin fell through the day’s major support levels before finding late morning support.
Through the afternoon, Dogecoin broke back through the third major support level at $0.2285 to revisit $0.236 levels.
A bearish end to the day, however, saw Dogecoin fall back to end the day at $0.231 levels.
At the time of writing, Dogecoin was up by 1.21% to $0.2339. A mixed start to the day saw Dogecoin fall to an early morning low $0.2308 before rising to a high $0.2349.
Dogecoin left the major support and resistance levels untested early on.
For the day ahead
Dogecoin would need to move back through the $0.2345 pivot to bring the first major resistance level at $0.2432 into play.
Support from the broader market would be needed, however, for Dogecoin to break back through to $0.24 levels.
Barring an extended crypto rally, the first major resistance level and Monday’s high $0.2466 would likely cap any upside.
In the event of a breakout, Dogecoin could test resistance at $0.26 levels before any pullback. The second major resistance level sits at $0.2552.
Failure to move back through the $0.2345 pivot would bring the first major support level at $0.2225 into play.
Barring another extended sell-off, however, Dogecoin should steer clear of sub $0.21 levels. The second major support level at $0.2138 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $0.2225
Pivot Level: $0.2345
First Major Resistance Level: $0.2432
23.6% FIB Retracement Level: $0.3016
38.2% FIB Retracement Level: $0.3859
62% FIB Retracement Level: $0.5221
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