Dogecoin Elliott Wave technical analysis [Video]

DOGE/USD Elliott Wave technical analysis

• Function: Counter Trend.

• Mode: Corrective.

• Structure: Flat.

• Position: Wave C.

• Next higher degree direction: Wave (III) of Impulse.

• Wave cancellation invalid level:

• Details: Wave C correction is in progress before the price resumes its uptrend. A reversal signal is awaited.

DOGE/USD trading strategy

Dogecoin (DOGE) is entering a crucial phase. Following an extended correction, the price is now nearing the end of Wave (II) based on Elliott Wave Theory, which may present new trading opportunities.

• 0.1822 - Key support level: If the price falls below this level, it may indicate a continued downtrend.

• 0.2457 - Key resistance level: If the price breaks above this level, it may confirm the start of an uptrend.

• 0.4846 - Long-term target: If the uptrend resumes, this could be a potential price target.

Trading strategies

Strategy

• Long strategy

  • Pullback entry: Buy when the price drops to the critical support level.

  • If the price holds above 0.1822 and rebounds, traders might consider entering long positions.

Risk Management

• If the price drops below 0.1822, traders should wait for a clearer reversal signal before making a move.

DOGE/USD Elliott Wave technical analysis

• Function: Counter Trend.

• Mode: Corrective.

• Structure: Flat.

• Position: Wave C.

• Next Higher Degree Direction: Wave (III) of Impulse.

• Wave Cancellation Invalid Level:

• Details: Wave C correction is in progress before the price resumes its uptrend. A reversal signal is awaited.

DOGE/USD trading strategy

Dogecoin (DOGE) is in an important phase. After a prolonged correction, the price is now nearing the completion of Wave (II) under Elliott Wave Theory, potentially creating new trading opportunities.

• 0.1822 - Key support level: A break below this level may signal further downside movement.

• 0.2457 - Key resistance level: If the price surpasses this level, it could confirm an uptrend.

• 0.4846 - Long-term target: If the uptrend continues, this could be a future price target.

Trading strategies

Strategy

• Long strategy

  • Pullback entry: Buy when the price dips to the crucial support level.

  • If the price remains above 0.1822 and rebounds, traders may consider long positions.

Riskmanagement

• If the price moves below 0.1822, waiting for a clearer reversal signal is advisable.

Dogecoin Elliott Wave technical analysis [Video]