Dogecoin – Daily Tech Analysis –July 8th, 2021


Dogecoin

Dogecoin slid by 4.52% on Wednesday. Reversing a 1.43% gain from Tuesday, Dogecoin ended the day at $0.2238.

After a mixed the start of the day, Dogecoin rose to a mid-morning intraday high $0.2386 before hitting reverse.

Falling short of the first major resistance level at $0.2412, Dogecoin slid to a late intraday low $0.2208.

The sell-off saw Dogecoin fall through the first major support level at $0.2285 and the second major support level at $0.2226.

Steering clear of sub-$0.22 levels, Dogecoin broke back through the second major support level to end the day at $0.223 levels.

At the time of writing, Dogecoin was down by 3.05% to $0.2170. A mixed start to the day saw Dogecoin rise to an early morning high $0.2247 before sliding to a low $0.2121.

Dogecoin fell through the first major support level at $0.2169 early on.

For the day ahead

Dogecoin would need to move through the $0.2277 pivot to bring the first major resistance level at $0.2347 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.23 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $0.2386 would likely cap any upside.

In the event of a breakout, Dogecoin could test resistance at $0.25 levels before any pullback. The second major resistance level sits at $0.2455.

Failure to move through the $0.2277 pivot would bring the first major support level at $0.2169 back into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub $0.20 levels. The second major support level at $0.2099 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.2169

Pivot Level: $0.2277

First Major Resistance Level: $0.2347

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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