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 Level: Not specified
• Details: Wave C correction is in progress before the market resumes its uptrend. Awaiting a reversal confirmation.

Dogecoin/U.S. Dollar (DOGEUSD) Trading Strategy

The DOGE/USD price has been consistently declining from its peak at 0.4846 USD and is currently moving through the final stages of wave C within the WXY corrective pattern. At present, DOGE is forming wave (5) in the ongoing downtrend.

Trading Strategies

Strategy:

• Long Strategy:
  • Buy when the price reaches a key support level (Pullback Entry).
  • Short-Term Buy: Consider entering if the price rebounds from 0.1822 USD, coupled with RSI recovering from the oversold zone.
  • Risk Management:
    • If the price drops below 0.0816 USD, the bullish structure is invalidated.

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 Level: Not specified
• Details: Wave C correction is in progress before the market resumes its uptrend. Awaiting a reversal confirmation.

Dogecoin/U.S. Dollar (DOGEUSD) Trading Strategy

The DOGE/USD price has been consistently declining from its peak at 0.4846 USD and is currently moving through the final stages of wave C within the WXY corrective pattern. At present, DOGE is forming wave (5) in the ongoing downtrend.

Trading Strategies

Strategy:

• Long Strategy:
  • Buy when the price reaches a key support level (Pullback Entry).
  • Short-Term Buy: Consider entering if the price rebounds from 0.1822 USD, coupled with RSI recovering from the oversold zone.
  • Risk Management:
    • If the price drops below 0.0816 USD, the bullish structure is invalidated.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

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