Cryptocurrency News, DOGE (Dogecoin)

Dogecoin Daily Technical Analysis – 27 July 2021

As usual, Dogecoin sees a mixed start today. The meme coin has to sustain the day’s pivot levels to avoid breaching its support zones.

The Monday sessions saw Dogecoin rising by almost 2.77%. With a 0.56% surge on Sunday, the meme crypto ended its trading day around $0.2037.

Remember, the unpredictable start on Monday had DOGE declining to an early low of $0.1971 before the coin secured support.

Dogecoin managed to rally towards its mid-morning high at $0.2331 after overcoming the initial critical support near $0.1901.

The positive sentiments in the market ensured the DOGE breaks its first crucial resistance at $0.2074 and the second one at $0.2166.

However, the asset did not manage to conquer the third support near $0.2339, sliding back to around the $0.2004 mark, before claiming the $0.203 levels as the day ended.

The pullback had the crypto falling from its first and second critical resistance levels.

At this publication, Dogecoin traded at $0.2032 after dropping 0.22% of its value. However, the unpredictable start on Tuesday saw the asset rising to $0.2051 before declining to the $0.2012 low.

The meme coin did not test its crucial resistance and support levels early on.

The Day Ahead

Dogecoin needs to break the pivot zone at $0.2113 to engage its initial resistance lying near $0.2255. Such actions will need broader market support. That way, the coin can break back to the levels at $0.22.

Excluding continuous upside movements, the first vital resistance will suppress any up-moves for the canine-themed asset.

If DOGE takes advantage of the current market situation to register another breakout, it might test its resistance level around $0.25 before pullbacks. The second crucial resistance locates at $0.2473.

Meanwhile, the altcoin will engage its first critical support at $0.1895 if it fails to overcome the pivot level at $0.21113.

Baring another continuous support, DOGE will hover around the sub-$0.18 levels. The second massive support lies at $0.1753.

Technical Indicators

  • First vital support zone – $0.1895
  • Pivot level – $0.2113
  • First vital resistance – $0.2255
  • 6% Fibonacci retracement – $0.3016
  • 2% Fibonacci retracement – $0.3859
  • 62% Fibonacci retracement – $0.5221

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