Dogecoin (DOGE) Daily Tech Analysis – 31 August

 

Dogecoin sees yet another mixed early session today. The meme coin will have to raise over $0.28 to prevent the red area.

Monday's sessions had Dogecoin (DOGE) plunging by 3.31%. After Sunday's 1.85% drop, the canine-themed crypto traded around $0.2719 towards the end of the day. However, on Monday, the asset rose to intraday highs of $0.2905 before reversing.

Meanwhile, Dogecoin encountered the nearest resistance at $0.2900, sliding to intraday lows of $0.2698. The ugly sentiments in the meme market saw DOGE breaching its initial support at $0.2746, ending yesterday near $0.271.

While writing this content, Dogecoin increased by 0.09% to stand at $0.2722. Meanwhile, the crypto climbed to $0.2735 morning intraday high before dropping to $0.2698. With that, the coin didn't manage to test its critical resistance and support zones early on Tuesday.

DOGE's Day Ahead

For today, DOGE will have to keep away the pivot at $0.2774 to test the resistance at $0.2850. For upside moves, the asset might have to rely on broader market backing. That way, DOGE will overcome the $0.28 price levels.

Without continuous rally, the meme crypto will have its uptrend capped by the initial resistance and Monday's high around $0.2905. Meanwhile, a breakout will see DOGE testing the resistance level at $0.3016 (23.6% Fibonacci). The second resistance lies at $0.2981.

Failure to overcome $0.2774 will have Dogecoin hitting the initial support area at $0.2643. Excluding another sell-off, DOGE's price will settle at sub-$0.25. Meanwhile, the asset's 2nd support at $0.2567 will limit further plunges.

On the other hand, Bitcoin appears weak to tackle the $50K level as it hovers in the critical zone at $48K. The leading currency awaits for the upside catalysts to break past the psychological level at $50,000. Such movement will translate to higher moves for the altcoins, including DOGE.

Dogecoin has struggled to attain high price levels, staying far lower than its record high. The asset appears to lack the sentiments needed to overpower its obstacles.

Technical Indicators

- First critical support area - $0.2643
- Pivot point - $0.2774
- First critical resistance area - $0.2850
- 23.6% Fibonacci retracement area - $0.3016
- 38.2% Fibonacci retracement area $0.3859
- 62% Fibonacci retracement area $0.5221