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Dogecoin – Daily Tech Analysis – August 4th, 2021

By:
Bob Mason
Published: Aug 4, 2021, 01:04 UTC

It's been a mixed start to the day for Dogecoin. Avoiding a fall back through the day's pivot would bring resistance levels into play, however.

Brass dogecoin coin

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.

DOGEUSD 040821 Hourly Chart

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

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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