Dogecoin – Daily Tech Analysis – September 9th, 2021
Dogecoin rose by 0.51% on Wednesday. Following a 17.43% tumble on Tuesday, Dogecoin ended the day at $0.2567.
A mixed start to the day saw Dogecoin fall to a late morning intraday low $0.2335 before making a move.
Steering clear of the first major support level at $0.2062, Dogecoin rose to a late afternoon intraday high $0.2634.
Falling short of the 23.6% FIB of $0.3016 and the first major resistance level at $0.3080, Dogecoin eased back to end the day at sub-$0.26 levels.
At the time of writing, Dogecoin was up by 0.10% to $0.2569. A mixed start to the day saw Dogecoin rise to an early morning high $0.2597 before falling to a low $0.2544.
Dogecoin left the major support and resistance levels untested early on.
For the day ahead
Dogecoin would need to avoid the $0.2512 pivot to bring the first major resistance level at $0.2689 into play.
Support from the broader market would be needed, however, for Dogecoin to break out from Wednesday’s high $0.2634.
Barring an extended crypto rally, the first major resistance level would likely cap the upside
In the event of a broad-based crypto rally, Dogecoin could test resistance at the 23.6% FIB of $0.3016 before any pullback. The second major resistance level sits at $0.2811.
A fall through the $0.2512 pivot would bring the first major support level at $0.2390 into play.
Barring another extended sell-off, however, Dogecoin should avoid sub-$0.20 levels. The second major support level at $0.2213 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $0.2390
Pivot Level: $0.2512
First Major Resistance Level: $0.2689
23.6% FIB Retracement Level: $0.3016
38.2% FIB Retracement Level: $0.3859
62% FIB Retracement Level: $0.5221
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