Advertisement
Advertisement

Dogecoin – Daily Tech Analysis – October 6th, 2021

By:
Bob Mason
Published: Oct 6, 2021, 00:40 UTC

Following 2 consecutive day's of solid gains, a move back through to $0.2650 levels would bring $0.28 levels into play.

Dogecoin and dollars.

Dogecoin

Dogecoin rose by 4.22% on Tuesday. Following an 8.88% rally on Monday, Dogecoin ended the day at $0.2518.

A choppy start to the day saw Dogecoin fall to a late morning intraday low $0.2327 before making a move.

Steering clear of the first major support level at $0.2195, Dogecoin rallied to a mid-afternoon intraday high $0.2682.

Dogecoin broke through the first major resistance level at $0.2563 before easing back to end the day at sub-$0.2520 levels.

At the time of writing, Dogecoin was down by 0.17% to $0.2514. A mixed start to the day saw Dogecoin fall to an early morning low $0.2501 before rising to a high $0.2579.

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

DOGEUSD 061021 Hourly Chart

For the day ahead

Dogecoin would need to avoid a fall back through the $0.2509 pivot to bring the first major resistance level at $0.2691 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.265 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.2682 would likely cap the upside

In the event of a broad-based crypto rally, Dogecoin could test the second major resistance level at $0.2864.

A fall back through $0.2509 pivot would bring the first major support level at $0.2336 into play.

Barring another extended sell-off, however, Dogecoin should avoid sub-$0.22 levels. The second major support level sits at $0.2154.

Looking at the Technical Indicators

First Major Support Level: $0.2336

Pivot Level: $0.2509

First Major Resistance Level: $0.2691

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.

Did you find this article useful?

Advertisement