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

DOGE Price Chart

TL;DR

  • Dogecoin types a bearish sign on the Ichimoku chart whereas consolidating inside a symmetrical triangle.
  • Monthly ROC stays flat, suggesting DOGE’s subsequent main bull cycle has not began but.
  • $0.23 stays a key breakout stage; analysts see potential for short-term upside if breached.

Ichimoku Chart Shows Weak Bearish Signal

Dogecoin (DOGE) is at present buying and selling in a consolidation zone with blended alerts throughout totally different timeframes. While short-term indicators counsel downward stress, longer-term evaluation exhibits that the present cycle’s main upward transfer has not began. At press time, DOGE was buying and selling at $0.21, down 3% over the previous 24 hours and 6% for the week.

According to Trader Tardigrade, the day by day Ichimoku chart has proven a weak bearish Tenkan-sen/Kijun-sen cross above the Kumo cloud as of August 31. The worth stays inside the Kumo, suggesting continued consolidation. Support is situated at $0.21517, with resistance at $0.22194 and $0.22444, based mostly on the highest of the Kumo and the Kijun-sen line.

Meanwhile, the development rating stays impartial total. The inexperienced Kumo signifies a longer-term bullish bias, however the short-term development exhibits a downtrend, and the mid-term is flat. Noting the significance of how the value behaves across the present cloud construction, Tardigrade stated,

“A weak bearish Tenkan-sen/Kijun-sen Cross alerts a brief setup.”

Monthly Chart Shows Bull Run Has Yet to Start

On the month-to-month 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 had been preceded by sharp ROC spikes. No such transfer is current presently.

Remarkably, the chart marks a projected future zone the place momentum might return.

“The #Dogecoin Rate of Change (ROC) indicator on the month-to-month chart reveals that the bull run for this cycle hasn’t began but,” stated 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 worth has been consolidating since late July. A break above $0.23 might set off a short-term rally, with projected resistance ranges at $0.2431, $0.2596, $0.2823, and $0.3140.

DOGE Price Chart
Source: Ali Martinez/X

Support stays at $0.2217 and $0.21. Until a breakout happens, worth motion is predicted to remain range-bound.

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

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

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