Dogecoin – Daily Tech Analysis – October 5th, 2021

Dogecoin

Dogecoin rallied by 8.88% on Monday. Following a 1.51% gain on Sunday, Dogecoin ended the day at $0.2416.

A choppy start to the day saw Dogecoin fall to an early morning intraday low $0.2121 before making a move.

Dogecoin fell through the first major support level at $0.2161 before surging to a late intraday high $0.2489.

Dogecoin broke through the day’s major resistance levels before falling back through the third major resistance level at $0.2438.

In spite of the pullback, Dogecoin wrapped up the day at $0.24 levels.

At the time of writing, Dogecoin was up by 1.59% to $0.2454. A mixed start to the day saw Dogecoin fall to an early morning low $0.2395 before rising to a high $0.2491.

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

For the day ahead

Dogecoin would need to avoid the $0.2342 pivot to bring the first major resistance level at $0.2563 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.25 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $0.26 levels would likely cap the upside

In the event of a broad-based crypto rally, Dogecoin could test the second major resistance level at $0.2710.

A fall through $0.2342 pivot would bring the first major support level at $0.2195 into play.

Barring an extended sell-off, however, Dogecoin should avoid sub-$0.21 levels. The second major support level sits at $0.1974.

Looking at the Technical Indicators

First Major Support Level: $0.2195

Pivot Level: $0.2342

First Major Resistance Level: $0.2563

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