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Cryptocurrency

Dogecoin – Analysis – August 8th, 2021

Dogecoin

Dogecoin surged by 28.08% on Saturday. Following a 1.89% gain on Friday, Dogecoin ended the day at $0.2623.

A mixed the start to the day saw Dogecoin fall to an early morning intraday low $0.2037 before making a move.

Steering clear of the first major support level at $0.1981, Dogecoin rallied to a late intraday high $0.2632.

Dogecoin broke through the day’s major resistance levels to end the day at $0.26 levels.

At the time of writing, Dogecoin was up by 2.93% to $0.27000. A mixed start to the day saw Dogecoin fall to an early morning low $0.2599 before rallying to a high $0.2840.

Dogecoin test the first major resistance level at $0.2824 early on.

For the day ahead

Dogecoin would need to avoid the $0.2431 pivot to bring the first major resistance level at $0.2824 back 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 resistance at $0.29 would likely cap any upside.

In the event of another breakout, Dogecoin could test resistance at the 23.6% FIB of $0.3016 and the second major resistance level sits at $0.3026.

A fall through the $0.2431 pivot would bring the first major support level at $0.2229 into play.

Barring an extended sell-off, however, Dogecoin should steer well clear of sub-$0.20 levels. The second major support level sits at $0.1836.

Looking at the Technical Indicators

First Major Support Level: $0.2229

Pivot Level: $0.2431

First Major Resistance Level: $0.2824

23.6% FIB Retracement Level: $0.3016

38.2% FIB Retracement Level: $0.3859

Bob MasonSun, August 8, 2021, 3:45 AM·2 min read

fxempire

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