Dogecoin is trading in a higher degree corrective phase

Gregor Horvat Wavetraders

Today we will talk about DOGEUSD, its price action from technical point of view and wave structure from Elliott Wave perspective.DogeCoin has been very popular for the last couple of weeks, but looking at the bigger picture, we can see a completed five-wave cycle from the lows. And, if you are familiar with Elliott Waves, then you know that after every five waves, a three-wave A-B-C pullback follows, which according to the textbook pattern, usually retrace back to the previous wave (4) swing low.

As you can see, there's still room down to ideal 0.020-0.03 support level considering that wave C is still missing, so we may have to wait more time before new opportunity on the long side may show up.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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