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Dogecoin – Daily Tech Analysis –July 8th, 2021

By:
Bob Mason
Published: Jul 8, 2021, 01:05 UTC

It's a bearish start to the day. Failure to move through the day's pivot level would leave Dogecoin in the deep red for the day.

Brass dogecoin coin

Dogecoin

Dogecoin slid by 4.52% on Wednesday. Reversing a 1.43% gain from Tuesday, Dogecoin ended the day at $0.2238.

After a mixed the start of the day, Dogecoin rose to a mid-morning intraday high $0.2386 before hitting reverse.

Falling short of the first major resistance level at $0.2412, Dogecoin slid to a late intraday low $0.2208.

The sell-off saw Dogecoin fall through the first major support level at $0.2285 and the second major support level at $0.2226.

Steering clear of sub-$0.22 levels, Dogecoin broke back through the second major support level to end the day at $0.223 levels.

At the time of writing, Dogecoin was down by 3.05% to $0.2170. A mixed start to the day saw Dogecoin rise to an early morning high $0.2247 before sliding to a low $0.2121.

Dogecoin fell through the first major support level at $0.2169 early on.

DOGEUSD 080721 Hourly Chart

For the day ahead

Dogecoin would need to move through the $0.2277 pivot to bring the first major resistance level at $0.2347 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.23 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $0.2386 would likely cap any upside.

In the event of a breakout, Dogecoin could test resistance at $0.25 levels before any pullback. The second major resistance level sits at $0.2455.

Failure to move through the $0.2277 pivot would bring the first major support level at $0.2169 back into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub $0.20 levels. The second major support level at $0.2099 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.2169

Pivot Level: $0.2277

First Major Resistance Level: $0.2347

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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