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FX.co ★ Trading plan for Dogecoin on June 27, 2022

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Crypto Analysis:::2022-06-27T11:52:34

Trading plan for Dogecoin on June 27, 2022

Trading plan for Dogecoin on June 27, 2022

Technical outlook:

Dogecoin rallied through the $0.0786 intraday highs during the European session on Monday before easing off a bit. The crypto is moving in line with our projections made over the past week as it remains poised to take out $0.0900 soon. Bulls will be inclined to hold prices above the $0.0490 interim lows to keep the momentum going.

Dogecoin has been dropping since May 2021 after registering all-time highs at around 0.7560 as labelled on the daily chart. The corrective drop has unfolded as a zigzag (5-3-5) pattern and looks complete at around $0.0490. A break above $0.0900 from here will further confirm a meaningful bottom is in place and bulls are back in control.

Dogecoin is unfolding its lower-degree upswing from the $0.0490 low on June 18, 2022. The crypto is looking poised to break above the initial resistance at $0.0900 from here. Traders might be preparing to hold long positions initiated earlier and also add further with short-term target at around $0.0900.

Trading plan:

Potential rally through $0.0900 against $0.0490

Good luck!

Analyst InstaForex
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