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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 iesaka . 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 ziņo . 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.

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

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