Dogecoin – Daily Tech Analysis – August 15th, 2021

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Updated: Aug 15, 2021, 08:49 GMT+00:00

Following Saturday's breakout, Dogecoin has been on the move once more this morning. A break through to $0.31 levels would bring $0.33 levels into play.

Dogecoin

Dogecoin rallied by 11.14% on Saturday. Following a 2.80% gain from Friday, Dogecoin ended the day at $0.2942.

A choppy morning saw Dogecoin rise to a late morning intraday high $0.2988 before hitting reverse.

Dogecoin broke through the first major resistance level at $0.2798 and the second major resistance level at $0.2949

The reversal saw Dogecoin slide to a late morning intraday low $0.2671.

Steering clear of the first major support level at $0.2530, Dogecoin broke back through the first major resistance level to end the day at $0.294 levels.

The second major resistance level at $0.2949 capped the upside late in the day.

At the time of writing, Dogecoin was up by 4.88% to $0.3086. A mixed start to the day saw Dogecoin fall to an early morning low $0.2887 before rising to a high $0.3098.

Dogecoin broke through 23.6% FIB of $0.3016 and the first major resistance level at $0.3063 early on.

For the day ahead

Dogecoin would need to avoid a fall back through the first major resistance level and 23.6% FIB to bring the second major resistance level at $0.3184 into play.

Support from the broader market would be needed, however, for Dogecoin to break out from this morning’s high $0.3098.

Barring an extended rally, the second major resistance level at $0.3184 would likely cap any upside.

In the event of an extended breakout, Dogecoin could test resistance at $0.33 levels before any pullback. The third major resistance level sits at $0.3501.

A fall back through first major resistance level and 23.6% FIB of $0.3016 would bring $0.28 levels back into play.

Barring a fall through the day’s $0.2867 pivot, however, Dogecoin should steer clear of the first major support level at $0.2746.

Looking at the Technical Indicators

First Major Support Level: $0.2746

Pivot Level: $0.2867

First Major Resistance Level: $0.3063

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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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.