It's been a mixed start to the day for Dogecoin. A move back through to $0.52 levels, however, would bring $0.60 levels back into play.
Dogecoin jumped by 25.29% on Thursday. Reversing a 20.89% tumble from Wednesday, Dogecoin ended the day at $0.4895.
A bearish start to the day saw Dogecoin slide to an early morning intraday low $0.3503 before making a move.
Steering clear of the first major support level at $0.3396, Dogecoin rallied to a late intraday high $0.5200.
Dogecoin broke through the 38.2% FIB of $0.4618 and the first major resistance level at $0.4825.
In spite of a pullback to sub-$0.50 levels late in the day, Dogecoin avoided a fall back through the first major resistance level.
At the time of writing, Dogecoin was down by 1.84% to $0.4805. A mixed start to the day saw Dogecoin rise to an early morning high $0.5048 before falling to a low $0.4649.
Dogecoin left the major support and resistance levels untested early on.
Dogecoin would need to avoid a fall through the 38.2% FIB of $0.4618 and the $0.4533 pivot to bring the first major resistance level at $0.5562 into play.
Support from the broader market would be needed, however, for Dogecoin to break out from Thursday’s high $0.5200.
Barring an extended crypto rally, the first major resistance level and resistance at the 23.6% FIB of $0.5691 would likely cap any upside.
In the event of another breakout, Dogecoin could test resistance at $0.60 before any pullback. The second major resistance level sits at $0.6230.
Failure to avoid a fall through the 38.2% FIB of $0.4618 and the $0.4533 pivot would bring the first major support level at $0.3865 into play.
Barring an extended sell-off, however, Dogecoin should steer clear of sub-$0.35 levels. The second major support level sits at $0.2836.
First Major Support Level: $0.3865
Pivot Level: $0.4533
First Major Resistance Level: $0.5562
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.