It's been a bearish start to the day. Avoiding the day's pivot level and a move back through to $0.34 levels would support another bullish day ahead, however.
Dogecoin rose by 5.15% on Wednesday. Reversing a 1.63% loss from Tuesday, Dogecoin ended the day at $0.3431.
A bearish start to the day saw Dogecoin fall to an early morning intraday low $0.3126 before making a move.
Steering clear of the first major support level at $0.3010, Dogecoin rallied to a late afternoon intraday high $0.3549.
Dogecoin broke through the first major resistance level at $0.3467 before sliding back to sub-$0.34 levels.
Finding late support, however, Dogecoin broke back through the first major resistance level before ending the day at $0.343 levels.
At the time of writing, Dogecoin was down by 1.25% to $0.3388. A mixed start to the day saw Dogecoin rise to an early morning high $0.3451 before falling to a low $0.3369.
Dogecoin left the major support and resistance levels untested early on.
Dogecoin would need to avoid the $0.3369 pivot to bring the first major resistance level at $0.3611 into play.
Support from the broader market would be needed, however, for Dogecoin to break out from Wednesday’s high $0.3549.
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 $0.40 before any pullback. The second major resistance level sits at $0.3792.
A fall through the $0.3369 pivot would bring the first major support level at $0.3188 into play.
Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.30 levels. The second major support level sits at $0.2946.
A sustained fall through the 62% FIB of $0.2882 would form a near-term bearish trend from 8th May’s swing hi $0.7427.
First Major Support Level: $0.3188
Pivot Level: $0.3369
First Major Resistance Level: $0.3611
23.6% FIB Retracement Level: $0.5691
38.2% FIB Retracement Level: $0.4618
62% FIB Retracement Level: $0.2882
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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.