Dogecoin – Daily Tech Analysis – September 8th, 2021
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.
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
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