It's a bullish start to the day following yesterday's tumble. Avoiding a fall back through the pivot level would bring resistance levels into play.
Dogecoin tumbled by 20.89% on Wednesday. Reversing a 9.61% gain from Tuesday, Dogecoin ended the day at $0.3909.
A mixed start to the day saw Dogecoin rise to an early morning intraday high $0.5229 before hitting reverse.
Falling short of the first major resistance level at $0.5470, Dogecoin slid to a late intraday low $0.3800.
Dogecoin fell through the first major support level at $0.4423 and the 38.2% FIB of $0.4618.
The extended sell-off also saw Dogecoin fall through the second major support level at $0.3905 before ending the day at $0.3909.
At the time of writing, Dogecoin was up by 11.06% to $0.4341. A mixed start to the day saw Dogecoin fall to an early morning low $0.3503 before rising to a high $0.4363.
Dogecoin left the major support and resistance levels untested early on.
Dogecoin would need to avoid a fall back through the $0.4313 pivot to bring the 38.2% FIB of $0.4618 and the first major resistance level at $0.4825 into play.
Support from the broader market would be needed, however, for Dogecoin to break out from $0.45 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $0.50 would likely cap any upside.
In the event of another breakout, Dogecoin could test resistance at the 23.6% FIB of $0.5691 and the second major resistance level at $0.5742.
Failure to avoid a fall back through the $0.4313 pivot would bring the first major support level at $0.3396 into play.
Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.30 levels. The second major support level sits at $0.2884.
First Major Support Level: $0.3396
Pivot Level: $0.4313
First Major Resistance Level: $0.4825
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.