Short Term Elliott Wave analysis of Dogecoin (DOGEUSD) indicates that a rally from the low on September 6, 2024 is unfolding in a 5 waves impulse pattern. The price is currently in wave ((iv)) pullback, which is expected to be a double three Elliott Wave structure. Wave ((i)) ended at 0.1798 and wave ((ii)) at 0.1419. The cryptocurrency extended higher in wave ((iii)), with wave (i) ending at 0.2178 and wave (ii) at 0.185. Wave (iii) ended at 0.304 and wave (iv) at 0.273. The final leg, wave (v), completed wave ((iii)) at 0.4397 in higher degree.
In the 60-minute Elliott Wave chart, the pullback in wave ((iv)) is currently ongoing, with a double three Elliott Wave structure forming. Wave (w) ended at 0.3406 and wave (x) at 0.434. Wave (y) is in progress and is expected to reach the blue box area of 0.274 – 0.335 to complete wave ((iv)). This area represents a 100% – 161.8% Fibonacci extension of wave (w). Once the price reaches the blue box area, the cryptocurrency is likely to extend higher or rally in 3 waves at least. As long as the pivot at 0.142 low remains intact, any pullbacks are expected to find buyers in 3, 7, 11 swing for further upside movement.
In the near term, traders can expect the price of Dogecoin to find support within the blue box area and potentially see a bounce to the upside. The Fibonacci extension levels provide key areas to watch for a potential reversal or continuation of the current trend. As long as the pivot point at 0.142 low holds, the overall trend remains bullish, with buyers likely to step in and push the price higher in the coming sessions.
It’s important for traders and investors to keep an eye on the key support levels mentioned in the analysis, as they can act as potential entry points for long positions. By utilizing Elliott Wave analysis and Fibonacci extensions, traders can better understand the potential price movements in Dogecoin and make informed decisions based on the current market conditions.
Overall, the short-term Elliott Wave analysis of Dogecoin (DOGEUSD) suggests that the cryptocurrency is in a corrective phase within a larger bullish trend. The completion of wave ((iv)) is expected to lead to another upside movement in the price, with potential support levels highlighted for traders to monitor. By staying aware of the key levels and patterns, traders can navigate the market with more confidence and make well-informed trading decisions.
