Dogecoin rallied by 6.83% on Tuesday. Partially reversing a 36.3% tumble from Monday, Dogecoin ended the day at $0.1908.
A mixed start to the day saw Dogecoin slide to an early morning low $0.1656 before making a move.
Steering clear of the first major support level at $0.1355, Dogecoin rallied to an early morning intraday high $0.2168.
Falling well short of the first major resistance level at $0.2513, Dogecoin slid back to $0.16 levels before finding support.
A Dogecoin recovery to $0.19 levels delivered the upside on the day.
At the time of writing, Dogecoin was down by 3.11% to $0.1849. A mixed start to the day saw Dogecoin rise to an early morning high $0.1925 before falling to a low $0.1805.
Dogecoin left the major support and resistance levels untested early on.
For the day ahead
Dogecoin would need to move back the $0.1902 pivot to bring the first major resistance level at $0.2174 into play.
Support from the broader market would be needed, however, for Dogecoin to break out from Tuesday’s high $0.2168.
Barring an extended crypto rally, the first major resistance level and resistance at $0.22 would likely cap any upside.
In the event of a breakout, Dogecoin could test resistance at $0.25 before any pullback. The second major resistance level sits at $0.2441.
Failure to move back through the $0.1902 pivot would bring the first major support level at $0.1635 into play.
Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.15 levels. The second major support level sits at $0.1363.
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: $0.1635
Pivot Level: $0.1902
First Major Resistance Level: $0.2174
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