Technical outlook:
Dogecoin continued its bearish momentum over the weekend and registered fresh lows at around $0.0490 before finding some support. The crypto has bounced back through $0.0600 at this point in writing and is expected to push through the $0.0900 initial resistance in the near term. Bulls will be poised to hold prices above $0.0490 to keep the momentum going.
Dogecoin has been sliding since May 2021 after registering all-time swing highs at around $0.7560. The drop extended as low as $0.0490 over the past weekend and looks complete or near to complete. Also, note that prices have drifted through the March 2021 support at around $0.0484. A high probability remains for a meaningful pullback going forward.
Dogecoin is expected to turn bullish from current levels ($0.0600) and break above $0.0900 which is initial resistance. It would confirm that a meaningful low is in place around $0.0490 and that bulls are back in control. Furthermore, a break above the resistance trend line the $0.1798 resistance will add more confidence to the bullish scenario.
Trading plan:
Aggressive: Potential rally through $0.0900 against $0.0400
Good luck!
