• 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.

 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

US presidential election outcome could shape the future of crypto

US presidential election outcome could shape the future of crypto

US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).

More Cryptocurrencies News
Bitcoin Price Forecast: BTC recovers as Donald Trump takes lead on polls

Bitcoin Price Forecast: BTC recovers as Donald Trump takes lead on polls

Bitcoin (BTC) slightly recovered to around $68,800 on Tuesday, following a shift in the United States presidential race that saw former President Donald Trump regain the lead, after US spot Bitcoin ETFs experienced an outflow of over $540 million on Monday.

More Bitcoin News
Crypto markets brace for volatility in tight race between Trump and Harris

Crypto markets brace for volatility in tight race between Trump and Harris

The US presidential election is one of the most significant events in the world. Due to the influence of the country’s political decisions, policies, and economic approaches, it can significantly impact crypto and global markets. 

More Cryptocurrencies News
Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

MAGA (TRUMP) trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption

More Cryptocurrencies News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP