Dogecoin – Daily Tech Analysis –July 7th, 2021

Dogecoin

Dogecoin rose by 1.43% on Tuesday. Partially reversing a 6.21% slide from Monday, Dogecoin ended the day at $0.2344.

After a mixed the start of the day, Dogecoin rose to an early morning intraday high $0.2421 before hitting reverse.

Falling short of the first major resistance level at $0.2432, Dogecoin slid to a late afternoon intraday low $0.2294.

Steering clear of the first major support level at $0.2225, however, Dogecoin moved back through to $0.23 levels and into the green.

At the time of writing, Dogecoin was down by 0.54% to $0.2331. A mixed start to the day saw Dogecoin rise to an early morning high $0.2355 before falling to a low $0.2324.

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

For the day ahead

Dogecoin would need to move back through the $0.2353 pivot to bring the first major resistance level at $0.2412 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.24 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.2421 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 $0.2480.

Failure to move back through the $0.2353 pivot would bring the first major support level at $0.2285 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub $0.21 levels. The second major support level at $0.2226 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.2285

Pivot Level: $0.2353

First Major Resistance Level: $0.2412

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