Technical outlook:
Dogecoin climbed above the $0.0786 highs on Monday before finding resistance and pulling back sharply. It remained shy of the projected initial target of $0.0900 by a margin. The crypto is seen to be trading close to $0.0725 at this point in writing and is expected to resume higher through $0.0900 soon.
Dogecoin has carved a meaningful larger degree downswing between $0.7560 and $0.0490 over the past several weeks. The entire drop might have unfolded as a zigzag and looks complete at $0.0490. Also, note that the March 2021 support at $0.0484 has been tested. Ideally, prices should produce a meaningful corrective rally at least going forward.
Dogecoin seems to be already on its way to completing its first lower-degree upswing from the $0.0490 lows. Prices have stalled at around $0.0786 for now but the rally is expected to resume soon to push the price through initial resistance at $0.0900. Traders might be poised to hold long positions for now with risk below the $0.0490 initial support.
Trading plan:
Potential rally through $0.0900 against $0.0490.
Good luck!
