Dogecoin surged by 11.80% on Wednesday. Reversing a 3.69% loss from Tuesday, Dogecoin ended the day at $0.2246.
A mixed start to the day saw Dogecoin fall to an early morning intraday low $0.1999 before making a move.
Steering clear of the first major support level at $0.1930, Dogecoin rallied to a late morning intraday high $0.2306.
Dogecoin broke through the first major resistance level at $0.2137 and the second major resistance level at $0.2264.
A late pullback, however, saw Dogecoin fall back through the second major resistance level to end the day at sub-$0.225 levels.
At the time of writing, Dogecoin was down by 1.26% to $0.2218. A bearish start to the day saw Dogecoin fall from an early morning high $0.2246 to a low $0.2211.
Dogecoin left the major support and resistance levels untested early on.
For the day ahead
Dogecoin would need to avoid the $0.2184 pivot to bring the first major resistance level at $0.2368 into play.
Support from the broader market would be needed, however, for Dogecoin to break out from Thursday’s high $0.2306.
Barring an extended crypto rally, the first major resistance level and resistance at $0.24 would likely cap the upside
In the event of a broad-based crypto rally, Dogecoin could test resistance at $0.26 levels before any pullback. The second major resistance level sits at $0.2491.
A fall through $0.2184 pivot would bring the first major support level at $0.2061 into play.
Barring another extended sell-off, however, Dogecoin should avoid sub-$0.20 levels. The second major support level sits at $0.1877.
Looking at the Technical Indicators
First Major Support Level: $0.2061
Pivot Level: $0.2184
First Major Resistance Level: $0.2368
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