DOGE/USD Elliott Wave technical analysis
Function: Counter trend.
Mode: Corrective.
Structure: Zigzag.
Position: Wave ((C)).
Direction next higher degrees: Wave I of impulse.
Details: Wave ((4) May is complete and the price entry to uptrend again.
DOGE/USD trading strategy
Dogecoin overall is still in the period of correction. In the position of wave (II) with a zigzag pattern, the view is therefore for a short-term pullback before rising again in wave (III), waiting for the correction to complete to rejoin the uptrend.
DOGE/USD technical indicators
The price is below the MA200 indicating a downtrend, the wave oscillator is a bearish momentum.
DOGE/USD Elliott Wave technical analysis
Function: Counter trend.
Mode: Corrective.
Structure: Zigzag.
Position: Wave A.
Direction next higher degrees: Wave V of impulse.
Details: Wave ((2)) is equal to 61.8% of wave ((1)) at 0.1373.
DOGE/USD trading strategy
Dogecoin overall is still in the period of correction. In the position of wave (II) with a zigzag pattern, the view is therefore for a short-term pullback before rising again in wave (III), waiting for the correction to complete to rejoin the uptrend.
DOGE/USD technical indicators
The price is below the MA200 indicating a downtrend, the wave oscillator is a bearish momentum.
.thumb-638560066004906765.png.cb16489d06c9939cf9ff9c84f0cd5e48-638560066004906765.png)
DOGE/USD Elliott Wave technical analysis [Video]
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
Recommended Content
Editors’ Picks
Ethereum records another day of heavy liquidations as Mt. Gox bearish pressure persists
Ethereum (ETH) is down nearly 5% on Friday following the Mt. Gox BTC repayment, sparking more than $108 million in ETH liquidations. The repayment's supply strengthened the bearish momentum on Bitcoin, which spiraled into altcoins like ETH.
APT, XAI, and IMX: Could these three token unlocks lead to further decline?
$161 million worth of APT, XAI, and IMX are set to flood the market this week. Their prices may decline further following the unlock, as all the tokens are down over 5% in the past 24 hours. DYDX, NTRN, FORT and HNT are other tokens that will unlock new supplies.
WIF and BONK post gains amid wider market drawdown
WIF is up more than 7% as Solana bulls appear to have returned to the meme coin. BONK joined WIF in defiling the bearish trend, posting a 2% gain in the past 24 hours. Meme coins may suffer major hits if the crypto market's bearish pressure persists.
Gold bug Peter Schiff predicts Bitcoin sell-off will intensify when price drops under $38,000
Peter Schiff, American stockbroker and financial commentator, shared his views on where Bitcoin is headed in a recent tweet on X. Bitcoin slips under key support at $54,000 early on Friday.
Bitcoin: BTC sinks under $55,000 as Mt Gox prepares payment to creditors
Bitcoin (BTC) price is having its worst week of the year, influenced by selling activity among BTC miners and heavy transfers of Bitcoins to exchanges by Mt Gox and the German Government. Technical indicators hint that BTC may undergo a further 7% decline to retest the $52,000 level.