Bob Mason
Add to Bookmarks
Top view of Dogecoin cryptocurrency physical coin


Dogecoin fell by 3.90% on Wednesday. Following on from a 2.20% decline on Tuesday, Dogecoin ended the day at $0.3078.

A mixed start to the day saw Dogecoin rise to an early morning intraday high $0.3215 before hitting reverse.

Know where the Market is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

Falling well short of the first major resistance level at $0.3284, Dogecoin slid to a mid-afternoon intraday low $0.3051.

Dogecoin fell through the first major support level at $0.3143 and the second major support level at $0.3084.

Finding late afternoon support, Dogecoin broke back through the major support levels to revisit $0.315 levels before a 2nd sell-off.

Dogecoin fell back through the first and second major support levels to end the day at sub-$0.3080 levels.

At the time of writing, Dogecoin was up by 1.12% to $0.3113. A bullish start to the day saw Dogecoin rise from an early morning low $0.3074 to a high $0.3114.

Dogecoin left the major support and resistance levels untested early on.

For the day ahead

Dogecoin would need to move through the $0.3115 pivot to bring the first major resistance level at $0.3178 into play.

Support from the broader market would be needed, however, for Dogecoin to break out from $0.3150 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $0.32 would likely cap any upside.

In the event of a breakout, Dogecoin could test resistance at $0.33 before any pullback. The second major resistance level sits at $0.3279.

Failure to move through the $0.3115 pivot would bring the first major support level at $0.3014 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of the 62% FIB of $0.2882. The second major support level at $0.2951 should limit the downside.

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.

Looking at the Technical Indicators

First Major Support Level: $0.3014

Pivot Level: $0.3115

First Major Resistance Level: $0.3178

23.6% FIB Retracement Level: $0.5691

38.2% FIB Retracement Level: $0.4618

62% FIB Retracement Level: $0.2882

Please let us know what you think in the comments below.

Thanks, Bob

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker