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Elliott Wave Analysis - TradingLounge Daily Chart

Dogecoin/ U.S. Dollar (DOGEUSD)

DOGEUSD 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.

Dogecoin/ U.S. Dollar (DOGEUSD) 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.

Elliott Wave Analysis - TradingLounge H4 Chart

Dogecoin/ U.S. Dollar (DOGEUSD)

DOGEUSD 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.

Dogecoin/ U.S. Dollar (DOGEUSD) 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.

Risk Management

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

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

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