Dogecoin fell by 5.43% on Tuesday. Partially reversing a 19.43% rally from Monday, Dogecoin ended the day at $0.3465.
A bullish start to the day saw Dogecoin rise to an early morning intraday high $0.3807 before hitting reverse.
Falling short of the first major resistance level at $0.3964, Dogecoin slid to a late morning intraday low $0.3226.
Steering clear of the first major support level at $0.3160, Dogecoin revisited $0.35 levels before easing back.
At the time of writing, Dogecoin was down by 1.15% to $0.3425. A mixed start to the day saw Dogecoin rise to an early morning high $0.3492 before falling to a low $0.3392.
Dogecoin left the major support and resistance levels untested early on.
For the day ahead
Dogecoin would need to move through the $0.3499 pivot to bring the first major resistance level at $0.3773 into play.
Support from the broader market would be needed, however, for Dogecoin to break back through to $0.3750 levels.
Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.3807 would likely cap any upside.
In the event of a broad-based crypto rebound, Dogecoin could test the second major resistance level at $0.4080.
Failure to move through the $0.3499 pivot would bring the first major support level at $0.3192 into play.
Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.30 levels. The second major support level sits at $0.2918.
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: $0.3192
Pivot Level: $0.3499
First Major Resistance Level: $0.3773
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