Dogecoin rose by 1.24% on Wednesday. Partially reversing a 6.26% slide from Tuesday, Dogecoin ended the day at $0.3031.
A mixed start to the day saw Dogecoin fall to an early morning intraday low $0.2770 before making a move.
Dogecoin fell through the first major support level at $0.2823 before rallying to a late afternoon intraday high $0.3254.
While falling short of the first major resistance level at $0.3284, Dogecoin broke through the 23.6% FIB of $0.3016 to end the day at $0.3030 levels.
At the time of writing, Dogecoin was down by 0.23% to $0.3024. A mixed start to the day saw Dogecoin rise to an early morning high $0.3069 before falling to a low $0.2984.
While Dogecoin left the major support and resistance levels untested, Dogecoin briefly fell through the 23.6% FIB of $0.3016.
For the day ahead
Dogecoin would need to avoid a fall back through the $0.3018 pivot and the 23.6% FIB to bring the first major resistance level at $0.3267 into play.
Support from the broader market would be needed, however, for Dogecoin to break back through to $0.32 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $0.33 would likely cap any upside.
In the event of a breakout, Dogecoin could test the second major resistance level at $0.3502.
A fall back through the $0.3018 pivot and the 23.6% FIB of $0.3016 would bring the first major support level at $0.2783 into play.
Barring an extended sell-off, however, Dogecoin should steer clear of the second major support level at $0.2534.
Looking at the Technical Indicators
First Major Support Level: $0.2783
Pivot Level: $0.3018
First Major Resistance Level: $0.3267
23.6% FIB Retracement Level: $0.3016
38.2% FIB Retracement Level: $0.3859
62% FIB Retracement Level: $0.5221
Please let us know what you think in the comments below.
This article was originally posted on FX Empire