Dogecoin – Daily Tech Analysis – August 4th, 2021

·2 min read

Dogecoin

Dogecoin slid by 3.54% on Tuesday. Following a 0.49% decline on Monday, Dogecoin ended the day at $0.1962.

A mixed the start to the day saw Dogecoin rise to an early morning intraday high $0.2051 before hitting reverse.

Falling short of the first major resistance level at $0.2083, Dogecoin slid to a mid-day intraday low $0.1929.

Dogecoin fell through the first major support level at $0.2001 and the second major support level at $0.1968.

Finding early afternoon support, Dogecoin briefly broke back through the second major support level before ending the day at sub-$0.1965 levels.

At the time of writing, Dogecoin was up by 1.18% to $0.1985. A mixed start to the day saw Dogecoin fall to an early morning low $0.1962 before rising to a high $0.1999.

Dogecoin left the major support and resistance levels untested early on.

For the day ahead

Dogecoin would need to avoid a fall back through the $0.1981 pivot to bring the first major resistance level at $0.2032 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.20 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.2051 would likely cap any upside.

In the event of another breakout, Dogecoin could test the second major resistance level at $0.2103.

A fall back through the $0.1981 pivot would bring the first major support level at $0.1910 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of the second major support level at $0.1859.

Looking at the Technical Indicators

First Major Support Level: $0.1910

Pivot Level: $0.1981

First Major Resistance Level: $0.2032

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

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