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Elliott Wave Analysis TradingLounge Daily Chart, 30 May 2023.  

Dogecoin/U.S. Dollar(DOGEUSD)

DOGEUSD Elliott Wave Technical Analysis 

Function: Reactionary(Counter Trend)

Mode: Corrective

Structure: Double Combined

Position: Wave (Y)

Direction Next higher Degrees: Wave B or 2

Details: The reduction is still not over. The price is likely to trade below 0.0491.

Wave Cancel invalid Level:

Dogecoin/U.S. Dollar (DOGEUSD) Trading Strategy: The trend remains in bear market control. As the price structure in the downtrend has not yet ended in line with the price still below the MA200 line, the price is likely to continue falling. The increase could be just a short-term pullback.

Dogecoin/U.S. Dollar(DOGEUSD) Technical Indicators: The price is below the MA200 indicating a downtrend. MACD and RSI are bearish momentum.

Analyst: Kittiampon Somboonsod, CEWA

Elliott Wave Analysis TradingLounge 4H Chart, 30 May 2023.  

Dogecoin/U.S. Dollar(DOGEUSD)

DOGEUSD Elliott Wave Technical Analysis 

Function: Reactionary(Counter Trend)

Mode: Corrective

Structure: Flat

Position: Wave (C)

Direction Next higher Degrees: Wave ((2)) of Motive

Details: Wave C of Expanded Flat is usually equal to 1.618 multiplied Length of Wave A

Wave Cancel invalid Level: 0.1048

Dogecoin/U.S. Dollar (DOGEUSD) Trading Strategy: The trend remains in bear market control. As the price structure in the downtrend has not yet ended in line with the price still below the MA200 line, the price is likely to continue falling. The increase could be just a short-term pullback.

Dogecoin/U.S. Dollar (DOGEUSD) Technical Indicators: The price is below the MA200 indicating a downtrend. MACD and RSI are bullish momentum.

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