Advertisement
Advertisement

Dogecoin Tries To Recover After Sell-Off

By:
Vladimir Zernov
Published: Aug 18, 2021, 08:00 GMT+00:00

Dogecoin received support near $0.28.

Dogecoin Tries To Recover After Sell-Off

Dogecoin Attempts To Rebound While Bitcoin Is Trying To Settle Above $45,000

Dogecoin is trying to settle back above $0.2950 while Bitcoin attempts to get back above $45,000.

Bitcoin has recently made an attempt to settle below the support at $44,000 but failed to develop sufficient downside momentum and moved back towards $45,000. This is an important moment for crypto bulls as Bitcoin’s move below $44,000 may trigger a sell-off, which will be bearish for most cryptocurrencies.

Meanwhile, Ethereum failed to settle below the psychologically important $3000 level and moved towards $3050. XRP received support below $1.10 and is trying to rebound after the recent pullback.

Technical Analysis

dogecoin august 18 2021

Dogecoin has recently made an attempt to settle below the support level at $0.2830 but lost momentum and rebounded closer to the $0.30 level. Currently, Dogecoin is trying to settle above the resistance level which is located at $0.2950. RSI has moved back into the moderate territory after the recent pullback, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

If Dogecoin manages to settle above $0.2950, it will have a good chance to get to another test of the resistance level which has recently emerged at $0.3050. A move above this level will open the way to the test of the next resistance at $0.3150.

In case Dogecoin gets above $0.3150, it will head towards the next resistance at $0.33. A successful test of the resistance at $0.33 will push Dogecoin towards the recent highs at $0.35, although it may also face some resistance near $0.34.

On the support side, a move below $0.2950 will push Dogecoin back towards the support at $0.29. A successful test of the support at $0.29 will open the way to the test of the next support at $0.2830.

If Dogecoin declines below $0.2830, it will continue its downside move and head towards the support at $0.2750. In case Dogecoin manages to settle below this level, it will head towards the next support which is located at $0.2670.

For a look at all of today’s economic events, check out our economic calendar.

About the Author

Vladimir is an independent trader and analyst with over 10 years of experience in the financial markets. He is a specialist in stocks, futures, Forex, indices, and commodities areas using long-term positional trading and swing trading.

Did you find this article useful?

Advertisement