Dogecoin fell by 3.61% on Wednesday. Reversing a 2.45% gain from Tuesday, Dogecoin ended the day at $0.2539.
A mixed start to the day saw Dogecoin rise to an early morning intraday high $0.2638 before hitting reverse.
Falling short of the first major resistance level at $0.2753, Dogecoin slid to a late afternoon intraday low $0.2377.
Dogecoin fell through the first major support level at $0.2520 and the second major support level at $0.2406.
Finding late support, however, Dogecoin broke back through the support levels to end the day at $0.2539.
At the time of writing, Dogecoin was down by 1.04% to $0.2512. A mixed start to the day saw Dogecoin rise to an early morning high $0.2540 before falling to a low $0.2506.
Dogecoin left the major support and resistance levels untested early on.
For the day ahead
Dogecoin would need to move back through the $0.2518 pivot to bring the first major resistance level at $0.2659 into play.
Support from the broader market would be needed, however, for Dogecoin to break back through to $0.2650 levels.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high $0.2638 would likely cap any upside.
In the event of another breakout, Dogecoin could test resistance at $0.28 levels before any pullback. The second major resistance level sits at $0.2779.
Failure to move back through the $0.2518 pivot would bring the first major support level at $0.2398 into play.
Barring an extended sell-off, however, Dogecoin should steer clear of the second major support level at $0.2257.
Looking at the Technical Indicators
First Major Support Level: $0.2398
Pivot Level: $0.2518
First Major Resistance Level: $0.2659
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