Dogecoin rallied by 14.49% on Wednesday. Following on from a 13.57% jump on Tuesday, Dogecoin ended the day at $0.4235.
A mixed start to the day saw Dogecoin fall to an early morning intraday low $0.3513 before making a move.
Steering clear of the first major support level at $0.3257, Dogecoin rallied to a late morning intraday high $0.4469.
Dogecoin broke through the first major resistance level at $0.3995 and the second major resistance level at $0.4292.
Falling short of $0.45 levels, however, Dogecoin fell back through the major resistance levels before finding late support.
Late in the day, Dogecoin broke back through the first and second major resistance levels to revisit $0.43 levels.
Easing back in the final hour, however, Dogecoin fell back through the second major resistance level at $0.4292 to end the day at $0.423 levels
At the time of writing, Dogecoin was down by 2.53% to $0.4128. A mixed start to the day saw Dogecoin rise to an early morning high $0.4295 before falling to a low $0.4101.
Dogecoin left the major support and resistance levels untested early on.
For the day ahead
Dogecoin would need to avoid the $0.4072 pivot to bring the 38.2% FIB of $0.4618 and the first major resistance level at $0.4632 into play.
Support from the broader market would be needed, however, for Dogecoin to break out from Wednesday’s high $0.4469.
Barring an extended crypto rally, the 38.2% FIB and the first major resistance level would likely cap any upside.
In the event of another breakout, Dogecoin could test resistance at $0.50 before any pullback. The second major resistance level sits at $0.5028.
A fall through the $0.4072 pivot would bring the first major support level at $0.3676 into play.
Barring an extended sell-off, however, Dogecoin should steer clear of sub-$0.35 levels. The second major support level sits at $0.3116.
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: $0.3676
Pivot Level: $0.4072
First Major Resistance Level: $0.4632
23.6% FIB Retracement Level: $0.5691
38.2% FIB Retracement Level: $0.4618
62% FIB Retracement Level: $0.2882
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This article was originally posted on FX Empire