Dogecoin – Daily Tech Analysis – October 7th, 2021

Dogecoin

Dogecoin rose by 0.99% on Wednesday. Following a 4.22% rally on Tuesday, Dogecoin ended the day at $0.2543.

A choppy start to the day saw Dogecoin rise to a mid-morning intraday high $0.2718 before hitting reverse.

Dogecoin broke through the first major resistance level at $0.2691 before sliding to a late morning intraday low $0.2400.

Steering clear of the first major support level at $0.2336, Dogecoin revisited $0.26 levels before easing back.

At the time of writing, Dogecoin was down by 2.54% to $0.2479. A mixed start to the day saw Dogecoin rise to an early morning high $0.2545 before falling to a low $0.2426.

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

For the day ahead

Dogecoin would need to move back through the $0.2554 pivot to bring the first major resistance level at $0.2707 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.2650 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $0.2718 would likely cap the upside

In the event of a broad-based crypto rally, Dogecoin could test resistance at the 23.6% FIB of $0.3016. The second major resistance level sits at $0.2872.

Failure to move back through $0.2554 pivot would bring the first major support level at $0.2389 into play.

Barring another extended sell-off, however, Dogecoin should avoid sub-$0.22 levels. The second major support level at $0.2236 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.2389

Pivot Level: $0.2554

First Major Resistance Level: $0.2707

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