Dogecoin – Daily Tech Analysis – August 18th, 2021
Dogecoin
Dogecoin slid by 6.26% on Tuesday. Following a 6.11% loss on Monday, Dogecoin ended the day at $0.2994.
A mixed start to the day saw Dogecoin rise to an early morning intraday high $0.3402 before hitting reverse.
Falling short of the first major resistance level at $0.3443, Dogecoin slid to a late intraday low $0.2941.
The sell-off saw Dogecoin fall through the first major support level at $0.3023 and the 23.6% FIB of $0.3016 to end the day at sub-$0.30 levels.
At the time of writing, Dogecoin was down by 1.48% to $0.2950. A mixed start to the day saw Dogecoin rise to an early morning high $0.3030 before falling to a low $0.2897.
While Dogecoin left the major support and resistance levels untested, Dogecoin briefly broke through the 23.6% FIB of $0.3016.
For the day ahead
Dogecoin would need to move through the 23.6% FIB and the $0.3112 pivot to bring the first major resistance level at $0.3284 into play.
Support from the broader market would be needed, however, for Dogecoin to break back through to $0.32 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $0.33 would likely cap any upside.
In the event of a breakout, Dogecoin could test the second major resistance level at $0.3573.
Failure to move through the 23.6% FIB of $0.3016 and the $0.3112 pivot would bring the first major support level at $0.2823 into play.
Barring an extended sell-off, however, Dogecoin should steer clear of the second major support level at $0.2651.
Looking at the Technical Indicators
First Major Support Level: $0.2823
Pivot Level: $0.3112
First Major Resistance Level: $0.3284
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
This article was originally posted on FX Empire