The crypto market has had drastic dips over the past weeks. Most cryptocurrencies declined in value by almost a half. However, as much as the total market price is still down, some digital coins promise to rise again.
On Tuesday, Dogecoin, the internet meme currency, declined by 5.43%. The 19.43% Monday rally ensured a partial reverse, and DOGE ended Tuesday trading at $0.3465.
On early Wednesday, Dogecoin shows a bullish trend, having a high intraday of $0.3807 before a slight decline came in place.
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Dogecoin decline in the late morning with a lower intraday, $0.3226, after falling off from the $0.3964 first resistance level.
However, the virtual coin had clear navigation of the $0.3160 support level. Afterward, Dogecoin revisited the $0.35 area before falling back.
While writing this article, Dogecoin is $0.3160 low, a 1.15% decline. Wednesday seems to be a mixed start in the DOGE market as the asset rose to $0.3492 high in the early morning before declining to $0.3392 low.
Keep in mind that early on, DOGE left the resistance and support levels untested.
Dogecoin’s Day Ahead
To reach the $0.3773 major resistance, the virtual coin may have to go through the pivot, $0.3499.
Will Dogecoin achieve the $0.3750 levels? Well, that may necessitate broader market support.
Excluding the extended cryptocurrency rally, Tuesday’s $0.3807 high and first resistance level would probably capitalize on any upward trend.
In scenarios of broad-based cryptocurrency rebound, the meme coin could test the $0.4080 resistance level.
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However, the coin might experience $0.3192 as the first support if fail to achieve the $0.3499 pivot.
However, in events of another extended bear market, the virtual coin should steer of $0.30 sub levels. The second support area sits at around $0.2918.
Any sustained decline through FIB 62% of $0.2882 would result in a short-term bearish attitude.
Technical Indicators
1st Major Support Level – $0.3192
Pivot Level – $0.3499
1st Major Resistance Level – $0.3773
23.6% Fibonacci Retracement Level – $0.5691
38.2% Fibonacci Retracement Level – $0.4618
62% Fibonacci Retracement Level – $0.2882
Use our comment section to voice your opinions on what Dogecoin has and what we may expect in the near term.
