FX.co ★ Trading plan for Dogecoin on June 23, 2022

Trading plan for Dogecoin on June 23, 2022

Trading plan for Dogecoin on June 23, 2022

Technical outlook:

Dogecoin managed to push through $0.0650 intraday on Thursday after finding some bids at around $0.600 on Wednesday. Please note that the corrective decline is still incomplete and prices could drag towards $0.0570 before resuming higher again. Bears will remain poised to hold prices below $0.0700 to keep the near-term structure intact.

Dogecoin might have terminated a larger-degree corrective decline, which had begun at the 0.7560 high earlier. The zigzag corrective decline finally terminated at around $0.0490 as seen on the daily chart. If the above-proposed structure holds well, prices should rally towards the $0.0900 initial resistance and higher, going forward.

Dogecoin has also carved a lower degree upswing between $0.0490 and 0.0700 in the past few trading sessions. At the moment, bears are working on the above rally and are expected to drag the price lower through $0.0570 in the near term. Bulls will remain poised to take control and push through the $0.0900 resistance thereafter.

Trading plan:

Potential rally through $0.0900 against $0.0490

Good luck!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Go to this author's articles Open trading account