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13.05.202118:02 Forex Analysis & Reviews: Dogecoin price action confirms our bearish expectations

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In our wave analysis on Dogecoin we warned bulls that price action suggested that another sell off was expected with a target below $0.41. Price has fallen all the way towards the 50% Fibonacci retracement of the entire upward move in Dogecoin. Price remains in bearish short-term trend as it continues making lower lows and lower highs.

Dogecoin so far made a low around $0.35 according to plan. Price has so far retraced 50% of the entire rise and there are still increased chances of a move lower towards the 61.8% Fibonacci retracement. So far there is no sign of a trend reversal and a confirmed low. A move above $0.54 will be the first reversal sign and the first step in confirming a major low. Until then bears are in control.

Alexandros Yfantis
Analytical expert of InstaForex
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