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Dogecoin – Daily Tech Analysis – October 5th, 2021

By:
Bob Mason
Published: Oct 5, 2021, 00:47 UTC

Following Monday's breakout, it's been a bullish start to the day, a move back through to $0.25 levels would bring $0.27 levels into play.

Dogecoin is a modern way of exchange and this crypto currency is a convenient means of payment in the financial

Dogecoin

Dogecoin rallied by 8.88% on Monday. Following a 1.51% gain on Sunday, Dogecoin ended the day at $0.2416.

A choppy start to the day saw Dogecoin fall to an early morning intraday low $0.2121 before making a move.

Dogecoin fell through the first major support level at $0.2161 before surging to a late intraday high $0.2489.

Dogecoin broke through the day’s major resistance levels before falling back through the third major resistance level at $0.2438.

In spite of the pullback, Dogecoin wrapped up the day at $0.24 levels.

At the time of writing, Dogecoin was up by 1.59% to $0.2454. A mixed start to the day saw Dogecoin fall to an early morning low $0.2395 before rising to a high $0.2491.

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

DOGEUSD 051021 Hourly Chart

For the day ahead

Dogecoin would need to avoid the $0.2342 pivot to bring the first major resistance level at $0.2563 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.25 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $0.26 levels would likely cap the upside

In the event of a broad-based crypto rally, Dogecoin could test the second major resistance level at $0.2710.

A fall through $0.2342 pivot would bring the first major support level at $0.2195 into play.

Barring an extended sell-off, however, Dogecoin should avoid sub-$0.21 levels. The second major support level sits at $0.1974.

Looking at the Technical Indicators

First Major Support Level: $0.2195

Pivot Level: $0.2342

First Major Resistance Level: $0.2563

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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