Relevance up to 14:00 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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!
