Dogecoin/USD Analysis: Don't be greedy!

The Dogecoin cryptocurrency surged to an all-time on Friday morning – almost tripling its value in just 24 hours – and is now the seventh-largest cryptocurrency in terms of market value.

However, some investors have expressed fears that Dogecoin’s rise would lead to a bubble, given that buyers do not see any meaningful value in the digital token, and are only trading to make money while the price keeps going up.

Without having any intrinsic value such as land or gold, cryptocurrencies are considered highly volatile and may crash as fast as they can rise, making them susceptible to sudden scares as well as manipulation by small groups who often hold large numbers of the virtual currency in circulation.

Looking at the Daily Chart, Dogecoin/USD finished 5 waves up with Wave 5= 423.6% Wave 1 which means that wave 5 may have reached its maximum extension and I think it might be the time to see a big correction to retest the previous wave 4 at (0.05132000). If whales suddenly decide to take all their profits, Dogecoin's price could easily crash causing a big correction to the downside. Thus, don't be too greedy, take your profits now and wait for another great buy setup to re-enter the market.