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Dogecoin – Daily Tech Analysis – September 8th, 2021

By:
Bob Mason
Published: Sep 8, 2021, 00:37 UTC

Following Tuesday's meltdown, Dogecoin would need to break back through to $0.30 levels to restore confidence...

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

Dogecoin

Dogecoin tumbled by 17.43% on Tuesday. Following a 1.72% loss on Monday, Dogecoin ended the day at $0.2554.

A mixed start to the day saw Dogecoin rise to an early morning intraday high $0.3115 before hitting reverse.

Falling short of the first major resistance level at $0.3197, Dogecoin slumped to a mid-afternoon intraday low $0.2097.

The extended sell-off saw Dogecoin fall through 23.6% FIB of $0.3016 and the day’s major support levels to end the day at $0.25 levels.

At the time of writing, Dogecoin was up by 0.17% to $0.2558. A mixed start to the day saw Dogecoin rise to an early morning high $0.2562 before falling to a low $0.2506.

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

DOGEUSD 080921 Hourly Chart

For the day ahead

Dogecoin would need to move through the $0.2589 pivot to bring the 23.6% FIB and the first major resistance level at $0.3080 into play.

Support from the broader market would be needed, however, for Dogecoin to break through to $0.30 levels.

Barring an extended crypto rally, however, resistance at $0.27 would likely leave Dogecoin short of the first major resistance level.

In the event of a broad-based crypto rebound, Dogecoin could test resistance at $0.31 levels before any pullback. The second major resistance level sits at $0.3607.

Failure to move through the $0.2589 would bring the first major support level at $0.2062 into play.

Barring another extended sell-off, however, Dogecoin should avoid sub-$0.20 levels. The second major support level sits at $0.1571.

Looking at the Technical Indicators

First Major Support Level: $0.2062

Pivot Level: $0.2589

First Major Resistance Level: $0.3080

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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