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Forex Analysis & Reviews: 23.06.2022

Relevance up to 12:00 UTC + 00

Exchange Rates 23.06.2022 analysis

Technical outlook:

Dogecoin managed to push through $ 0.0650 intraday on Thursday after finding some bids at around $ 0.600 on Wednesday. Please note that the corrective decline is still incomplete and prices could drag towards $ 0.0570 before resuming higher again. Bears will remain poised to hold prices below $ 0.0700 to keep the near-term structure intact.

Dogecoin might have terminated a larger-degree corrective decline, which had begun at the 0.7560 high earlier. The zigzag corrective decline finally terminated at around $ 0.0490 as seen on the daily chart. If the above-proposed structure holds well, prices should rally towards the $ 0.0900 initial resistance and higher, going forward.

Dogecoin has also carved a lower degree upswing between $ 0.0490 and 0.0700 in the past few trading sessions. At the moment, bears are working on the above rally and are expected to drag the price lower through $ 0.0570 in the near term. Bulls will remain poised to take control and push through the $ 0.0900 resistance thereafter.

Trading plan:

Potential rally through $ 0.0900 against $ 0.0490

Good luck!

* The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Oscar Ton,
Analytical expert of InstaForex
© 2007-2022

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