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Dogecoin (DOGE) Daily Technical Analysis – 18 August



Aug 18, 2021

With the asset’s unpredictable moves, including plummets in two consecutive days, DOGE needs to keep away today’s pivot levels to avoid massive plunges.

Yesterday’s sessions saw Dogecoin dropping by 6.26%. With the 6.11% plunge on Monday, the canine-themed crypto ended its day trading at $0.2994.

Mixed sessions on Tuesday had DOGE climbing to $0.3402 before reverses surfaced. However, failure to conquer the $0.3443 initial resistance had the asset sliding to $0.2941 intraday lows.

The heavy sell-off had Dogecoin breaching its initial support zone at $0.3024 and the 23.6% Fibonacci of $0.3016. With such actions, the meme cryptocurrency traded at sub-$0.30 as the day ended.

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While writing this content, Dogecoin hovered at $0.2950 following 1.48% losses. Meanwhile, unpredictable early sessions had the crypto rising to $0.3030 before plummeting towards the $0.2897 low.

As much as DOGE didn’t test its critical resistance and support zones, DOGE managed to break the 23.6% Fibonacci at $0.3016.

DOGE’s Day Ahead

The leading meme crypto has to overcome the pivot at $0.3112 and 23.6% Fibonacci to attempts its initial massive resistance at $0.3284.

For now, Dogecoin needs broader market backing for the asset to break over the $0.32 levels again.

Without extended upside moves, DOGE will have the $0.33 resistance suppressing its surges.

With supportive sentiments for a breakout, DOGE might move to test its second critical resistance around $0.3573.

On the other hand, failure to overpower the 23.6% Fibonacci at $0.3016 and the pivot around $0.3112 will send the meme crypto to its initial support at $0.2823.

Meanwhile, excluding massive sell-off will have DOGE keeping away its second support at $0.2651 as it targets higher.

For now, Dogecoin has to maintain above its critical levels to prevent plunges. That would necessitate broader market and community support. Keep in mind that Dogecoin resumed its increases recently following the bullish statements by Mark Cuban. Enough upside momentum will have the coin maintaining its uptrends.

Technical Indicators

  • First crucial support zone – $0.2823
  • Pivot level – $0.3112
  • First crucial resistance – $0.3284
  • 6% Fibonacci retracement level – $0.3016
  • 2% Fibonacci retracement level – $0.3859
  • 62% Fibonacci retracement level – $0.5221

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