DOGE hits the wall – Ichimoku resistance strikes again

Amid a wider suspension of recent gains across the cryptocurrency market, Dogecoin (DOGE) is struggling to gain upward momentum after experiencing rejection at the Kijun-sen baseline, according to a new daily Ichimoku analysis.

As it happens, DOGE reached resistance at $0.2049 on its daily chart, aligning with the Kijun-sen, which is a central Ichimoku line often viewed as an equilibrium point for price trends, according to the analysis shared by popular crypto trading expert Trader Tardigrade on October 28.

Ichimoku signals resistance at $0.2049 as trend remains cautious

Its rejection suggests that momentum remains weak in the short term, with the Kumo (cloud) still red, indicating a bearish bias. At the same time, the Chikou Span (lagging line) continues to trail below price action, further supporting the idea that DOGE may need to consolidate before attempting another breakout.

A decisive move above the Kijun-sen could flip market sentiment bullish again, potentially targeting the $0.22 – $0.25. On the other hand, failure to hold above $0.19 may open a retest of the lower support region near $0.18. 

For now, Dogecoin is trading at the price of $0.2010, which indicates a decline of 2.04% in the last 24 hours, a 4.22% gain across the previous seven days, and an accumulated dip of 11.48% on its monthly chart, according to the most recent information.

All things considered, Trader Tardigrade’s analysis suggests DOGE traders should remain patient until a clearer signal emerges, as Ichimoku indicators currently show a mixed to bearish outlook. 

Still, the recent significant accumulation of Dogecoin by the market’s largest holders, during which whales purchased more than 327 million DOGE in just 24 hours, suggests a tightening supply, which may lead to higher prices.