Dogecoin/ U.S. Dollar (DOGEUSD) Elliott Wave Analysis - TradingLounge Daily Chart

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: N/A

Details: The ongoing Wave C correction is unfolding before the price resumes its anticipated uptrend. Traders should wait for a clear reversal signal before making a move.

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

Dogecoin (DOGE) is currently in a pivotal phase. Based on Elliott Wave Theory, the price is approaching the final stages of Wave (II) after an extended correction, potentially offering new trading opportunities.

Key Levels to Watch

• 0.1822 - Key Support Level: A drop below this level could indicate a continuation of the downtrend.

• 0.2457 - Key Resistance Level: A breakout above this level may confirm an uptrend.
• 0.4846 - Long-Term Target: If the uptrend resumes, this price level could be a potential target.

Trading Strategy

📌 Long Strategy:

• ✅ Pullback Entry: Consider buying when the price approaches the key support level.
• If the price holds above 0.1822 and bounces back, traders may look for long entry opportunities.

Risk Management

• If the price falls below 0.1822, traders should hold off and wait for a stronger reversal signal before entering a position.

Dogecoin/ U.S. Dollar (DOGEUSD) Elliott Wave Analysis - TradingLounge H4 Chart

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: N/A

Details: The Wave C correction remains active before a potential trend reversal. Traders should be on alert for confirmation signals.

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

Dogecoin (DOGE) is in a critical zone. Following a prolonged correction, the price is now approaching the end of Wave (II) under Elliott Wave Theory, signaling possible new trading opportunities.

Key Levels to Monitor

• 0.1822 - Key Support Level: A break below this level could suggest further downside.
• 0.2457 - Key Resistance Level: If the price breaks this level, it may confirm the beginning of an uptrend.
• 0.4846 - Long-Term Target: If the uptrend gains momentum, this could serve as a long-term price objective.

Trading Strategy

📌 Long Strategy:

• ✅ Pullback Entry: Consider buying when the price moves near the critical support level.
• If the price remains above 0.1822 and rebounds, traders might look for long positions.

Risk Management

• If the price drops below 0.1822, it's recommended to wait for a clear reversal signal before initiating trades.

Technical Analyst: Kittiampon Somboonsod

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

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