Dogecoin – Daily Tech Analysis – September 1st, 2021


Dogecoin

Dogecoin rose by 2.39% on Tuesday. Partially reversing a 3.31% fall from Monday, Dogecoin ended the month up by 33.93% to $0.2784.

A mixed start to the day saw Dogecoin fall to an early morning intraday low $0.2698 before making a move.

Steering clear of the first major support level at $0.2643, Dogecoin rallied to a late afternoon intraday high $0.2860.

Coming up against the first major resistance level at $0.2850, Dogecoin eased back to end the day at sub-$0.28 levels.

At the time of writing, Dogecoin was down by 1.15% to $0.2752. A mixed start to the day saw Dogecoin rise to an early morning high $0.2796 before falling to a low $0.2751.

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

For the day ahead

Dogecoin would need to move back through the $0.2781 pivot to bring the first major resistance level at $0.2863 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.28 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.2860 would likely cap any upside.

In the event of a breakout, Dogecoin could test resistance at the 23.6% FIB of $0.3016 before any pullback. The second major resistance level sits at $0.2943.

Failure to move back through the $0.2781 would bring the first major support level at $0.2701 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.26 levels. The second major support level at $0.2619 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.2701

Pivot Level: $0.2781

First Major Resistance Level: $0.2863

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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