Dogecoin slid by 9.19% on Tuesday. Reversing a modest 0.92% gain from Monday, Dogecoin ended the day at $0.2887.
A mixed start to the day saw Dogecoin rise to an early morning intraday high $0.3197 before hitting reverse.
Falling short of the first major resistance level at $0.3264, Dogecoin tumbled to a late afternoon intraday low $0.2759.
The sell-off saw Dogecoin fall through the day’s major support levels and through the 23.6% FIB of $0.3016.
Finding late support, Dogecoin briefly broke back through the third major support level at $0.2895 before easing back.
The 23.6% FIB of $0.3016 pinned Dogecoin back late in the day.
At the time of writing, Dogecoin was up by 1.75% to $0.2937. A mixed start to the day saw Dogecoin fall to an early morning low $0.2881 before rising to a high $0.2940.
Dogecoin left the major support and resistance levels untested early on.
For the day ahead
Dogecoin would need to move through the $0.2948 pivot and the 23.6% FIB of $0.3016 to bring the first major resistance level at $0.3136 into play.
Support from the broader market would be needed, however, for Dogecoin to break back through to $0.31 levels.
Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.3197 would likely cap any upside.
In the event of a breakout, Dogecoin could test the second major resistance level at $0.3386.
Failure to move through the $0.2948 would bring the first major support level at $0.2698 into play.
Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.26 levels. The second major support level sits at $0.2510.
Looking at the Technical Indicators
First Major Support Level: $0.2698
Pivot Level: $0.2948
First Major Resistance Level: $0.3136
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.