Technical outlook:
Dogecoin slipped through the $0.0650 low during the New York session on Tuesday, falling in line with projections of a potential pullback. The crypto has found support around the $0.0640 mark intraday on Wednesday and is now trading close to the $0.0660 mark at this point of writing. Bulls will remain poised to hold prices above the $0.0490 interim support to keep the near-term momentum intact.
Dogecoin has carved a larger degree corrective drop between $0.7560 and $0.0490 in the past few months. The corrective zigzag looks complete at $0.0490 for now and a break above $0.0900 will confirm it. Please note that the above drop might be the first wave of a much larger decline in the coming months.
Dogecoin has further carved a lower degree upswing between $0.0490 and $0.0786 in the past few trading sessions. The price is retracing from the above boundary for now and the potential remains for a drag through the $0.0607 mark before it finds support. Traders might want to add more positions around the $0.0607 mark with a potential target above $0.0900 going forward.
Trading plan:
Potential rally through $0.0900 against $0.0490
Good luck!
