FX.co ★ Trading plan for Dogecoin on June 22, 2022

Technical outlook:

Dogecoin staged an impressive rally towards $0.0700 on Tuesday before pulling back over. The crypto is seen to be trading close to $0.0635 at this point in writing and is expected to slide through $0.0575 which is the intraday/near-term support level. Bears are expected to remain in control for the next few trading sessions against $0.0700.

Dogecoin also seems to have completed its zigzag corrective structure, which had begun from $0.7560 in May 2021. The entire drop unfolded as a 5-3-5 corrective structure that terminated at around $0.0490 recently. If the suggested structure holds well, bulls will remain in control from here against $0.0490.

Dogecoin has also managed to carve a lower degree upswing between $0.0490 and $0.0700 in the past few trading sessions. Prices are pulling back for now and are expected to find support at around $0.0570, which is the Fibonacci 0.618 retracement of the above upswing. Watch for a bullish bounce thereafter.

Trading plan:

Potential short-term drop through $0.0570, then rally towards $0.0900 against $0.0490

Good luck!