Top view of Dogecoin cryptocurrency physical coin

Dogecoin – Daily Tech Analysis – August 5th, 2021

Dogecoin

Dogecoin rose by 2.70% on Wednesday. Partially reversing a 3.54% loss from Tuesday, Dogecoin ended the day at $0.2015.

After a mixed the start to the day, Dogecoin fell to a late morning intraday low $0.1941 before making a move.

Steering clear of the first major support level at $0.1910, Dogecoin rallied to a late afternoon intraday high $0.2033.

Coming up against the first major resistance level at $0.2032, Dogecoin fell back to sub-$0.2010 levels.

Late in the day, Dogecoin tested the first major resistance level a 2nd time before ending the day at sub-$0.2020 levels.

At the time of writing, Dogecoin was down by 0.23% to $0.02010. A mixed start to the day saw Dogecoin rise to an early morning high $0.2021 before falling to a low $0.2009.

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

DOGEUSD 050821 Hourly Chart

For the day ahead

Dogecoin would need to avoid the $0.1996 pivot to bring the first major resistance level at $0.2052 into play.

Support from the broader market would be needed, however, for Dogecoin to break out from Wednesday’s high $0.2033.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another breakout, Dogecoin could test resistance at $0.2100. The second major resistance level sits at $0.2088.

A fall through the $0.1996 pivot would bring the first major support level at $0.1960 into play.

Barring an extended sell-off, however, Dogecoin should steer clear of sub-$0.19 levels. The second major support level at $0.1904 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.1960

Pivot Level: $0.1996

First Major Resistance Level: $0.2052

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