Dogecoin rose by 5.15% on Wednesday. Reversing a 1.63% loss from Tuesday, Dogecoin ended the day at $0.3431.
A bearish start to the day saw Dogecoin fall to an early morning intraday low $0.3126 before making a move.
Steering clear of the first major support level at $0.3010, Dogecoin rallied to a late afternoon intraday high $0.3549.
Dogecoin broke through the first major resistance level at $0.3467 before sliding back to sub-$0.34 levels.
Finding late support, however, Dogecoin broke back through the first major resistance level before ending the day at $0.343 levels.
At the time of writing, Dogecoin was down by 1.25% to $0.3388. A mixed start to the day saw Dogecoin rise to an early morning high $0.3451 before falling to a low $0.3369.
Dogecoin left the major support and resistance levels untested early on.
For the day ahead
Dogecoin would need to avoid the $0.3369 pivot to bring the first major resistance level at $0.3611 into play.
Support from the broader market would be needed, however, for Dogecoin to break out from Wednesday’s high $0.3549.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a breakout, Dogecoin could test resistance at $0.40 before any pullback. The second major resistance level sits at $0.3792.
A fall through the $0.3369 pivot would bring the first major support level at $0.3188 into play.
Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.30 levels. The second major support level sits at $0.2946.
A sustained fall through the 62% FIB of $0.2882 would form a near-term bearish trend from 8th May’s swing hi $0.7427.
Looking at the Technical Indicators
First Major Support Level: $0.3188
Pivot Level: $0.3369
First Major Resistance Level: $0.3611
23.6% FIB Retracement Level: $0.5691
38.2% FIB Retracement Level: $0.4618
62% FIB Retracement Level: $0.2882
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This article was originally posted on FX Empire