It's been a bullish start to the day. Avoiding a return to sub-$0.30 levels would bring $0.33 levels into play...
Dogecoin rallied by 5.85% on Wednesday. Following a 2.39% gain on Tuesday, Dogecoin ended the day at $0.2947.
A mixed start to the day saw Dogecoin fall to an early morning intraday low $0.2730 before making a move.
Steering clear of the first major support level at $0.2701, Dogecoin rallied to a final hour intraday high $0.2959.
Dogecoin broke through the first major resistance level at $0.2863 and the second major resistance level at $0.2943 to end the day at $0.2947 levels.
At the time of writing, Dogecoin was up by 4.64% to $0.3084. A bullish start to the day saw Dogecoin rise from an early morning low $0.2919 to a high $0.3084.
Dogecoin broke through the 23.6% FIB of $0.3016 and the first major resistance level at $0.3027 early on.
Dogecoin would need to avoid a fall back through the first major resistance level at $0.3027 to bring the second major resistance level at $0.3108 into play.
Support from the broader market would be needed, however, for Dogecoin to break back through to $0.31 levels.
Barring an extended crypto rally, the second major resistance level would likely cap any upside.
In the event of a breakout, Dogecoin could test resistance at $0.32 levels before any pullback. The third major resistance level sits at $0.3337.
A fall back through the first major resistance level and 23.6% FIB of $0.3016 would bring sub-$0.29 levels into play.
Barring a fall through the $0.2879, however, Dogecoin should avoid the first major support level at $0.2798.
First Major Support Level: $0.2798
Pivot Level: $0.2879
First Major Resistance Level: $0.3027
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.