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Dogecoin

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.

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 2^nd 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 8^th 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

This article was originally posted on FX Empire

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