Dogecoin – Daily Tech Analysis –July 22nd, 2021



Dogecoin jumped by 11.80% on Wednesday. Reversing a 1.84% loss from Tuesday, Dogecoin ended the day at $0.1905.

A mixed the start of the day saw Dogecoin slide to an early morning intraday low $0.1684 before finding support.

Steering clear of the first major support level at $0.1601, Dogecoin rallied to a late afternoon intraday high $0.2145.

Dogecoin broke through the day’s major resistance levels before a pullback to sub-$0.1850 levels.

The reversal saw Dogecoin fall back through the third major resistance level at $0.2109 and the second major resistance level at $0.1905.

Finding late support, however, Dogecoin wrapped up the day at $0.19 levels. The second major resistance level at $0.1905 capped the upside late in the day.

At the time of writing, Dogecoin was down by 0.95% to $0.1887. A mixed start to the day saw Dogecoin rise to an early morning high $0.1964 before falling to a low $0.1870.

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

For the day ahead

Dogecoin would need to move back through the $0.1911 pivot to bring the first major resistance level at $0.2139 into play.

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

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $0.2145 would likely cap any upside.

In the event of another breakout, Dogecoin could test resistance at $0.23 levels before any pullback. The second major resistance level sits at $0.2372.

Failure to move back through the $0.1911 pivot would bring the first major support level at $0.1678 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.16 levels. The second major support level sits at $0.1450.

Looking at the Technical Indicators

First Major Support Level: $0.1678

Pivot Level: $0.1911

First Major Resistance Level: $0.2139

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

This article was originally posted on FX Empire


Source link


Please enter your comment!
Please enter your name here