Dogecoin surged by 23.17% on Wednesday. Following on from a 6.83% rally on Tuesday, Dogecoin ended the day at $0.2350.
A mixed start to the day saw Dogecoin slide to an early morning low $0.1805 before making a move.
Steering clear of the first major support level at $0.1635, Dogecoin rallied to an early afternoon intraday high $0.2489.
Dogecoin broke through the first major resistance level at $0.2174 and the second major resistance level at $0.2441.
Falling short of $0.25 levels, however, Dogecoin slid back through the major resistance levels before finding late support.
Late in the day, Dogecoin broke back through the first major resistance level to wrap up the day at $0.23 levels.
At the time of writing, Dogecoin was up by 1.06% to $0.2375. A mixed start to the day saw Dogecoin fall to an early morning low $0.2335 before striking a high $0.2407.
Dogecoin left the major support and resistance levels untested early on.
For the day ahead
Dogecoin would need to avoid the $0.2215 pivot to bring the first major resistance level at $0.2624 into play.
Support from the broader market would be needed, however, for Dogecoin to break out from Wednesday’s high $0.2489.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of another breakout, Dogecoin could test resistance at the 23.6% FIB of $0.3016 before any pullback. The second major resistance level sits at $0.2899.
A fall through the $0.2215 pivot would bring the first major support level at $0.1940 into play.
Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.18 levels. The second major support level sits at $0.1531.
A sustained fall through the 62% FIB of $0.2882 led to the formation of a near-term bearish trend from 8th May’s swing hi $0.7427.
Looking at the Technical Indicators
First Major Support Level: $0.1940
Pivot Level: $0.2215
First Major Resistance Level: $0.2624
23.6% FIB Retracement Level: $0.3016
38.2% FIB Retracement Level: $0.3859
62% FIB Retracement Level: $0.5221
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This article was originally posted on FX Empire