Dogecoin fell by 1.15% on Wednesday. Following a 3.85% slide on Tuesday, Dogecoin ended the day at $0.1976.
A bearish the start of the day saw Dogecoin slide to an early morning intraday low $0.1874 before making a move.
Dogecoin fell through the first major support level at $0.1952 and the second major support level at $0.1906.
Steering clear of sub-$0.18 support levels, Dogecoin rallied to an early afternoon intraday high $0.2046.
Falling short of the first major resistance level at $0.2067, however, Dogecoin fell back to sub-$0.20 levels and into the red.
At the time of writing, Dogecoin was up by 0.56% to $0.1987. A mixed start to the day saw Dogecoin fall to an early morning low $0.1960 before rising to a high $0.1987.
Dogecoin left the major support and resistance levels untested early on.
For the day ahead
Dogecoin would need to avoid a fall back through the $0.1965 pivot to bring the first major resistance level at $0.2057 into play.
Support from the broader market would be needed, however, for Dogecoin to break out from Wednesday’s high $0.2046.
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 $0.22 levels before any pullback. The second major resistance level sits at $0.2137.
A fall back through the $0.1965 pivot would bring the first major support level at $0.1885 into play.
Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.18 levels. The second major support level sits at $0.1793.
Looking at the Technical Indicators
First Major Support Level: $0.1885
Pivot Level: $0.1965
First Major Resistance Level: $0.2057
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