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Dogecoin (DOGE) Enters Weak Downtrend? Key Ichimoku Signal Flashes

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TL;DR

  • Dogecoin forms a bearish signal on the Ichimoku chart while consolidating inside a symmetrical triangle.
  • Monthly ROC remains flat, suggesting DOGE’s next major bull cycle has not started yet.
  • $0.23 remains a key breakout level; analysts see potential for short-term upside if breached.

Ichimoku Chart Shows Weak Bearish Signal

Dogecoin (DOGE) is currently trading in a consolidation zone with mixed signals across different timeframes. While short-term indicators suggest downward pressure, longer-term analysis shows that the current cycle’s major upward move has not started. At press time, DOGE was trading at $0.21, down 3% over the past 24 hours and 6% for the week.

According to Trader Tardigrade, the daily Ichimoku chart has shown a weak bearish Tenkan-sen/Kijun-sen cross above the Kumo cloud as of August 31. The price remains within the Kumo, suggesting continued consolidation. Support is located at $0.21517, with resistance at $0.22194 and $0.22444, based on the top of the Kumo and the Kijun-sen line.

Meanwhile, the trend score remains neutral overall. The green Kumo indicates a longer-term bullish bias, but the short-term trend shows a downtrend, and the mid-term is flat. Noting the importance of how the price behaves around the current cloud structure, Tardigrade said,

“A weak bearish Tenkan-sen/Kijun-sen Cross signals a short setup.”

Monthly Chart Shows Bull Run Has Yet to Start

On the monthly chart, the Rate of Change (ROC) indicator is flat. According to Trader Tardigrade, this suggests that the macro-level bull cycle has not begun. Past rallies in 2017 and 2021 were preceded by sharp ROC spikes. No such move is present at this time.

Remarkably, the chart marks a projected future zone where momentum could return.

“The #Dogecoin Rate of Change (ROC) indicator on the monthly chart reveals that the bull run for this cycle hasn’t started yet,” said Tardigrade.

Triangle Pattern Signals Breakout Watch Near $0.23

Analyst Ali Martinez reports that DOGE is forming a symmetrical triangle on the 4-hour chart. The price has been consolidating since late July. A break above $0.23 could trigger a short-term rally, with projected resistance levels at $0.2431, $0.2596, $0.2823, and $0.3140.

DOGE Price Chart
Source: Ali Martinez/X

Support remains at $0.2217 and $0.21. Until a breakout occurs, price action is expected to stay range-bound.

“Break $0.23 and a new bull rally begins,” Martinez said.

Публикацията Dogecoin (DOGE) Enters Weak Downtrend? Key Ichimoku Signal Flashes appeared first on CryptoPotato.

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