For Traders

Analytical Reviews

Crypto-currencies

10.05.202116:06 Forex Analysis & Reviews: Elliott wave analysis on Dogecoin suggests a new low ahead below $0.41

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Dogecoin has moved in an impulsive pattern from the beginning of its up trend to recent all time highs. Now it is time for a correction and so far we have seen most probably only the first part of the correction.

Dogecoin has so far retraced up to the 50% Fibonacci retracement and this could very well be wave a of a three wave pull back correction. Wave b most probably is finished but until we break below wave a low, we can not say with certainty that wave b is over. A new higher high above $0.59 is not out of the question yet. Wave c should complete the entire correction with a new low below wave a low and most probably close to the 61.8% Fibonacci retracement. So if you are a fan of Dogecoin, I would still keep away and wait for a deeper correction before buying.

Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2024

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex

Download MetaTrader 4 and open your first trade