What you need to know:
- DOGE continues to struggle with the Ichimoku cloud and Kijun-sen resistance, confirming near-term bearish pressure.
- The immediate support levels are at $0.096 and $0.08, with further declines possible if broken.
- Long-term Elliott Wave analysis shows that DOGE is in a corrective phase, indicating high volatility but potential future accumulation.
Dogecoin (DOGE) is facing a challenging market structure as its price repeatedly fails at key resistance levels.Recent H4 Ichimoku analysis shows this DOGE was crushed by the Kumo cloud and Kijun-sen resistance, with short sellers taking advantage of the decline.
Attempts to recover towards the cloud’s upper edge were rejected, confirming the cloud’s role as a strong dynamic drag. The Tenkan-sen (conversion line) has also failed to provide meaningful support, indicating weak bullish momentum in the short term.
The chart shows a pattern of lower highs and lower lows, classic signs of a bearish trend. Small jumps have been sold, especially near Ichimoku resistance zones.
Source: X
As long as DOGE remains below Kumo and Kijun-sen, the downside path dominates, with the cloud ahead suggesting continued resistance. Market participants remain cautious and await a decisive move above these key levels to signal a possible bullish reversal.
Also read: Dogecoin (DOGE) stabilizes at $0.10, potential rally towards $0.16
Dogecoin critical support levels are under pressure
Analysis of More Crypto Online States that “DOGE remains a ‘falling knife’ with no indication yet that wave B is over,” and quick support is expected at $0.096 and $0.08. “Failed support” here could lead to further declines to $0.03-$0.02, consistent with long-term Fibonacci extensions.
The current scenario is based on Elliott Wave principles. The scenario indicates that DOGE is undergoing a complex ABC correction pattern as part of a broader wave (iv).
Wave B ended at around $0.12. The first major demand zone is tested at $0.09-$0.10. This is expected to recover, but traders should wait for a favorable small move.
Source: X
The long-term outlook remains volatile, but potentially positive
In bigger picture terms, it appears that DOGE has taken its first rapid steps and has approached a high of around $0.75-$0.80. After a rejection against these levels, a larger pullback phase is in effect for DOGE’s current price.
Based on a possible continuation of a strong level of support, wave iv could be terminated, which could initiate wave v with a rest phase and a gradual rise to levels around $0.20-$0.30.
Also read: Dogecoin Price Action Tips at Pre-Bull Run Install – Key Support $0.113
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