FX.co ★ Technical analysis of Dogecoin for November 3, 2022

Dogecoin has now broken slightly below support at 0.1258 indicating that it has peaked for now and a correction towards 0.0863 is ready to unfold. Even though we are looking for a corrective decline towards 0.0863, the second rally towards 0.1629 can't be excluded if the correction takes shape as an expanded flat correction. Let us stress, that it doesn't have to be an expanded flat. Corrections can take on an almost infinite number of variations over the limited number of primary shapes, which makes correction hard to trade. Especially the B -wave is extremely hard to foresee and trade. However, it is easy to say that a correction is unfolding as all requirements to the rally from 0.0573 has unfolded and now it's time for the corrective decline to run its course.