Dogecoin – Daily Tech Analysis –July 29th, 2021


Dogecoin

Dogecoin slipped by 0.05% on Wednesday. Following a 1.08% gain on Tuesday, Dogecoin ended the day at $0.2058.

After a mixed the start to the day, Dogecoin rose to a late morning intraday high $0.2138 before hitting reverse.

Dogecoin broke through the first major resistance level at $0.2119 before falling to a late afternoon intraday low $0.2017.

Steering clear of the first major support level at $0.1975, Dogecoin returned $0.2050 levels to limit the downside.

At the time of writing, Dogecoin was down by 0.49% to $0.2048. A mixed start to the day saw Dogecoin rise to an early morning high $0.2063 before falling to a low $0.2044.

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

For the day ahead

Dogecoin would need to move through the $0.2071 pivot to bring the first major resistance level at $0.2125 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.21 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $0.2138 would likely cap any upside.

In the event of another breakout, Dogecoin could test resistance at $0.22 levels before any pullback. The second major resistance level sits at $0.2192.

Failure to move through the $0.2071 pivot would bring the first major support level at $0.2004 into play.

Barring an extended sell-off, however, Dogecoin should steer clear of sub-$0.19 levels. The second major support level at $0.1950 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.2004

Pivot Level: $0.2071

First Major Resistance Level: $0.2125

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



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