Dogecoin slid by 4.52% on Wednesday. Reversing a 1.43% gain from Tuesday, Dogecoin ended the day at $0.2238.
After a mixed the start of the day, Dogecoin rose to a mid-morning intraday high $0.2386 before hitting reverse.
Falling short of the first major resistance level at $0.2412, Dogecoin slid to a late intraday low $0.2208.
The sell-off saw Dogecoin fall through the first major support level at $0.2285 and the second major support level at $0.2226.
Steering clear of sub-$0.22 levels, Dogecoin broke back through the second major support level to end the day at $0.223 levels.
At the time of writing, Dogecoin was down by 3.05% to $0.2170. A mixed start to the day saw Dogecoin rise to an early morning high $0.2247 before sliding to a low $0.2121.
Dogecoin fell through the first major support level at $0.2169 early on.
For the day ahead
Dogecoin would need to move through the $0.2277 pivot to bring the first major resistance level at $0.2347 into play.
Support from the broader market would be needed, however, for Dogecoin to break back through to $0.23 levels.
Barring an extended crypto rally, the first major resistance level and Wednesday’s high $0.2386 would likely cap any upside.
In the event of a breakout, Dogecoin could test resistance at $0.25 levels before any pullback. The second major resistance level sits at $0.2455.
Failure to move through the $0.2277 pivot would bring the first major support level at $0.2169 back into play.
Barring another extended sell-off, however, Dogecoin should steer clear of sub $0.20 levels. The second major support level at $0.2099 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $0.2169
Pivot Level: $0.2277
First Major Resistance Level: $0.2347
23.6% FIB Retracement Level: $0.3016
38.2% FIB Retracement Level: $0.3859
62% FIB Retracement Level: $0.5221
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