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Dogecoin – Daily Tech Analysis – September 1st, 2021

By:
Bob Mason
Published: Sep 1, 2021, 00:52 UTC

It's been a mixed start to the day. Dogecoin would need to move back through the day's pivot to avoid giving up Tuesday's gains.

Dogecoin is a modern way of exchange and this crypto currency is a convenient means of payment in the financial

Dogecoin

Dogecoin rose by 2.39% on Tuesday. Partially reversing a 3.31% fall from Monday, Dogecoin ended the month up by 33.93% to $0.2784.

A mixed start to the day saw Dogecoin fall to an early morning intraday low $0.2698 before making a move.

Steering clear of the first major support level at $0.2643, Dogecoin rallied to a late afternoon intraday high $0.2860.

Coming up against the first major resistance level at $0.2850, Dogecoin eased back to end the day at sub-$0.28 levels.

At the time of writing, Dogecoin was down by 1.15% to $0.2752. A mixed start to the day saw Dogecoin rise to an early morning high $0.2796 before falling to a low $0.2751.

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

DOGEUSD 010921 Hourly Chart

For the day ahead

Dogecoin would need to move back through the $0.2781 pivot to bring the first major resistance level at $0.2863 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.28 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.2860 would likely cap any upside.

In the event of a breakout, Dogecoin could test resistance at the 23.6% FIB of $0.3016 before any pullback. The second major resistance level sits at $0.2943.

Failure to move back through the $0.2781 would bring the first major support level at $0.2701 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.26 levels. The second major support level at $0.2619 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.2701

Pivot Level: $0.2781

First Major Resistance Level: $0.2863

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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