It was yet another bearish day for Dogecoin mid-week. A fall through the day's pivot levels would put Dogecoin under more pressure as the weekend approaches.
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.
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.
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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Thanks, Bob
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.