Elliott Wave shows support area in Doge Coin (DOGEUSD) [Video]

Elliott Wave Forecast Team ElliottWave-Forecast.com

Short Term Elliott Wave view on Dogecoin (DOGEUSD) suggests rally from 6 September 2024 low is unfolding as a 5 waves impulse. Up from 6 September, wave ((i)) ended at 0.1798 and pullback in wave ((ii)) ended at 0.1419. The crypto extended higher again in wave ((iii)). Up from wave ((ii)), wave (i) ended at 0.2178 and pullback in wave (ii) ended at 0.185. Wave (iii) higher ended at 0.304 and pullback in wave (iv) ended at 0.273. Final leg wave (v) higher ended at 0.4397 which completed wave ((iii)) in higher degree.

Doge Coin (DOGEUSD) 60 Minutes Elliott Wave chart

Wave ((iv)) pullback is in progress with internal subdivision as a double three Elliott Wave structure. Down from wave ((iii)), wave (w) ended at 0.3406 and wave (x) rally ended at 0.434. Wave (y) lower is now in progress and expected to reach the blue box area of 0.274 – 0.335 to complete wave ((iv)). This area is 100% – 161.8% Fibonacci extension of wave (w). From the blue box, the crypto currency should extend higher or rally in 3 waves at least. Near term, as far as pivot at 0.142 low stays intact, expect pullback to find buyers in 3, 7, 11 swing for further upside.

DOGEUSD Elliott Wave [Video]

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

XRP battles selling pressure as profit-taking, ETF inflows shape outlook

Ripple (XRP) is trading downward but holding support at $2.22 at the time of writing on Wednesday, as fear spreads across the cryptocurrency market, reversing gains made from the start of the year.

Crypto Today: Bitcoin, Ethereum, XRP pause uptrend amid mixed ETF flows, weak sentiment

Bitcoin extends correction below the $93,000 mark at the time of writing on Wednesday, signaling a cooldown from the early-year rally that touched $94,789 on Monday. Altcoins, including Ethereum and Ripple, are also facing headwinds amid uncertainty in market sentiment.