Dogecoin (DOGE) Price Struggles Below Ichimoku Cloud, $0.08 Could Be Next

Dogecoin (DOGE) is facing a challenging market structure as the price repeatedly fails at key resistance levels.Recent H4 Ichimoku analysis shows DOGE slammed down from the Kumo cloud and Kijun-sen resistance, with short-sellers profiting from the decline.

Attempts to recover toward the upper edge of the cloud were rejected, confirming the cloud’s role as a strong dynamic resistance. The Tenkan-sen (conversion line) has also failed to provide meaningful support, indicating weak short-term bullish momentum.

The chart shows a pattern of lower highs and lower lows, classic signs of a bearish trend. Minor bounces have been sold into, particularly near Ichimoku resistance zones.

Source: X

As long as DOGE remains below the Kumo and Kijun-sen, the downside path dominates, with the cloud ahead suggesting continued resistance. Market participants remain cautious, waiting for a decisive move above these key levels to signal any potential bullish reversal.

Also Read: Dogecoin (DOGE) Stabilizes at $0.10 Eyes Potential Rally Toward $0.16

Dogecoin Critical Support Levels Under Pressure

Analysis from More Crypto Online states that “DOGE remains a ‘falling knife’ with no indication yet that wave B is finished,” and fast support is expected at $0.096 and $0.08. “Failed support” here may unleash further declines to $0.03-$0.02, corresponding to 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 up at approximately $0.12. The first large zone of demand is being tested at $0.09-$0.10. This is expected to bounce, but traders should wait for a favorable small movement.

Source: X

Long-Term Outlook Remains Volatile but Potentially Positive

In terms of a bigger-picture outlook, it appears DOGE has made its initial rapid moves and approached a high of around $0.75-$0.80. Following a rejection against those levels, a bigger pullback phase is in effect for DOGE’s current price.

Based on a possible continuation of a strong level of support, wave iv may be finished, which can initiate wave v with a rest phase and a gradual increase to levels around $0.20-$0.30.

Also Read: Dogecoin Price Action Hints at Pre-Bull Run Setup – Key Support $0.113