|

Dogecoin price to dip lower as DOGE attempts to find support

  • Dogecoin price is down more than 21% from the January 14 swing highs.
  • Bulls failed to keep DOGE inside the Cloud or above the Kijun-Sen.
  • A retest of the falling wedge is likely.

Dogecoin price rallied more than 50% from last Tuesday to last Friday, moving from the Tuesday open of $0.143 to the Friday high at $0.215. However, bulls could not maintain the gains on Friday as Dogecoin lost the majority of its Friday gains, closing up 7% instead of the 25% increase it had.

Dogecoin price sees sellers continue to push Dogecoin lower, retest fo the falling wedge incoming

Dogecoin price action continues to be a source of frustration and disappointment for long-term DOGE hodlers. The 50% rally that Dogecoin experienced from the Tuesday open to the Friday high has been cut by more than half. Dogecoin price is currently up 19% from last Tuesday’s open.

Adding to the frustration is the inability of Dogecoin price to hold and support within the Ichimoku Kinko Hyo system. As a result, Dogecoin failed to stay above the bottom of the Cloud (Senkou Span A), failed to hold above the Kijun-Sen, and may not hold above the Tenkan-Sen.

Failure to hold the Tenkan-Sen as support would likely generate a return to test the breakout above the upper falling wedge trendline at $0.16. However, if Dogecoin price can hold the Tenkan-Sen as support, solid initial support could push higher and return to the $0.20 value area.

DOGE/USDT Daily Ichimoku Kinko Hyo Chart

Despite the breakout above the rising wedge, Dogecoin remains extremely bearish within the Ichimoku Kinko Hyo system as long as the Chikou Span remains below the candlesticks and in open space. The threat of an imminent collapse to the $0.09 price level remains very high if Dogecoin price can’t stay above the $0.16 zone.

Author

Jonathan Morgan

Jonathan Morgan

Independent Analyst

Jonathan has been working as an Independent future, forex, and cryptocurrency trader and analyst for 8 years. He also has been writing for the past 5 years.

More from Jonathan Morgan
Share:

Editor's Picks

XRP grinds lower despite Ripple securing final OCC approval for National Trust Bank

Ripple is rising above $1.30 on Tuesday, while still largely constrained by technical hurdles. The token is down roughly 16% from its October high of $1.56, and 21% from the September peak of $1.66, reflecting weeks of persistent headwinds and risk-off sentiment.

Crypto Today: Bitcoin, Ethereum and XRP on edge as sell-side pressure intensifies

Cryptocurrency prices are broadly correcting on Tuesday, led by Bitcoin edging lower below the pivotal $80,000 level. Ethereum mirrors Bitcoin’s neutral-to-bearish outlook, while Ripple hovers around $1.30.

Top Altcoins Price Forecast: Ripple, Cardano, Solana extend losses amid persistent selling pressure

Top altcoins, including Ripple, Cardano, and Solana, face intense selling pressure, extending losses from the previous week. XRP tests the $1.2941 support floor, while ADA risks deeper losses and SOL struggles near the $100 mark.

Bitcoin consolidates below $80,000 as Middle East tensions, tech earnings loom

Bitcoin trades below $80,000 on Tuesday, failing to close above the 50-day EMA near $80,765 the previous day. Spot BTC ETFs recorded modest inflows of $110.34 million on Monday, while Strategy made no BTC purchases last week and Strive added 6,182 BTC.

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.