Dogecoin (DOGE) Daily Technical Analysis – 23 August

After Dogecoin’s weekend losses, the meme crypto has to reclaim the $0.32 zone for upside moves. If the asset fails to revisit its Sunday highs, DOGE will have its actions in the red again.

Dogecoin had its value dropping by 0.60% on Sunday’s early sessions. After Saturday’s 3.24% plummets, the themed token ended its week at $0.3150, dropping 7.43% of its value.

Mixed yesterday’s sessions had the crypto climbing to a morning high of $0.3219 before reversing.

Dogecoin dropped to late intraday lows of $0.3050 after failing to overpower the resistance located at $0.3263.

The meme cryptocurrency declined through the initial massive support area at $0.3110.

However, DOGE managed to move back over its critical level to end Sunday at $0.315. That was after the coin secured support at the $0.3050 zone.

While writing this content, Dogecoin hovers at $0.3154, 0.14% up. Mixed morning sessions saw the meme crypto declining to $0.3148 lows before a comeback to $0.3194.

Meanwhile, DOGE left its critical resistance and support zones untested.

DOGE’s Day Ahead

For now, Dogecoin has to avoid the pivot at $0.3140 to test the initial resistance at $0.3229.

Meanwhile, the crypto needs market support to break the $0.32 levels again.

Excluding extends crypto market rally will see $0.3219, Sunday’s highs, capping Dogecoin’s upside movements.

If the next session favors breakouts, DOGE will test the 2nd resistance zone located around $0.3309.

However, losses beneath $0.3140 will have DOGE at the support zone near $0.3060 before tagging the 23.6% Fibonacci of $0.3016.

Excluding extended sell-off will have DOGE keeping its $0.2971 support away.

Meanwhile, the crypto market depicts positivity that would support crypto’s higher targets. Keep in mind that Bitcoin managed to hit the $50,000 mark. The leading crypto struggled beneath the mark, plunging below $30K on various occasions over the past three months. If BTC maintains its uptrend, Dogecoin might rise again.

Technical Indicators

  • First critical support level – $0.3060
  • Pivot zone – $0.3140
  • First critical resistance level – $0.3229
  • 6% Fibonacci retracement level – $0.3016
  • 2% Fibonacci retracement level – $0.3859
  • 62% Fibonacci retracement level – $0.5221

What are your thoughts as far as Dogecoin price actions are concerned? Feel free to share your opinions in the section below.


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