Alarm Bells Ring For Dogecoin: Bearish Signal Points To 40% Crash

Name	Symbol	Market	Market Cap ($)	Algorithm
Dogecoin	DOGEUSD	Crypto	46,494,866,434	Scrypt

Name

Symbol

Market

Market Cap ($)

Algorithm

Dogecoin

DOGEUSD

Crypto

46,494,866,434

Scrypt

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.00206	-0.64%	0.31808	0.31806	0.31809

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.00206

-0.64%

0.31808

0.31806

0.31809

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.32435	0.30533	0.31672	0.32014	0.074194 - 0.484640

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.32435

0.30533

0.31672

0.32014

0.074194 - 0.484640

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	18:02:51	25.70	0.31807	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

18:02:51

25.70

0.31807

USD

Price x Volume	Volume	Base Symbol	Related Pairs
96,861,130.74	306,189,648.42	DOGE	DOGEEUR	DOGEGBP	DOGEBTC

Price x Volume

Volume

Base Symbol

Related Pairs

96,861,130.74

306,189,648.42

Alarm Bells Ring For Dogecoin: Bearish Signal Points To 40% Crash

29/04/2024 8:50am

NEWSBTC

Crypto analyst Josh Olszewicz is once again warning of a looming Dogecoin price crash. The analysis hinges on the Ichimoku Cloud, a comprehensive indicator that provides information on support/resistance levels, momentum, and trend direction. Olszewicz’s analysis points to two specific technical phenomena on the 1-day (1D) chart of DOGE against the US dollar (DOGE/USD). Via X, he remarked “1D DOGE: bearish TK cross + bearish Kumo breakout. Bearish Signals For Dogecoin The bearish TK cross refers to the bearish crossover between the Tenkan-Sen (conversion line) and the Kijun-Sen (baseline) within the Ichimoku Cloud system. The Tenkan-Sen, which is a faster-moving line typically calculated as the midpoint of the highest high and lowest low over the last nine periods, crossing below the Kijun-Sen, a slower line computed as the midpoint of the highest high and the lowest low over the past 26 periods, is considered a bearish signal. It suggests that short-term prices are falling below the base level of prices over the last month, indicating potential further downward movement. The Bearish Kumo breakout: The ‘Kumo’, which translates to ‘cloud’, is part of the Ichimoku Cloud indicator and is formed between two other lines: the Senkou Span A and the Senkou Span B. It represents a key area on the chart that can act as support or resistance. In the context of Olszewicz’s analysis, a ‘bearish Kumo breakout’ implies that the price has broken through the cloud downwards. This breakout is seen as a confirmation of a bearish trend. The fact that the price is below the Kumo suggests that the overall market sentiment for DOGE is negative, with the Kumo now likely acting as resistance to any upward price movement. The chart by Olszewicz shows DOGE trading at $0.15 with the cloud plotted behind the price action, appearing green above and red below the price lines. The cloud turning green represents a bullish future potential, but the price below both the cloud and the Tenkan-Sen/Kijun-Sen crossover indicates bearish current circumstances. A 40% Price Crash Looming? This gives weight to Olszewicz previous DOGE price analysis. As NewsBTC reported, the crypto analyst warned of a potential Head and Shoulders (H&S) formation on the DOGE/USD 12-hour chart which could be validated soon. The formation is characterized by two shoulders flanking a distinctive head, with the neckline at approximately $0.14 being pivotal. Should Dogecoin’s price break below this critical support, the prophecy of the H&S pattern would likely manifest, potentially triggering a sell-off towards the $0.10 to $0.09 region. This target area aligns with the 1.618 and 2.0 Fibonacci extension levels, suggesting a price crash of around 40% from the neckline. While the pattern has not yet been confirmed, with the price still above the crucial $0.14 support level, its presence serves as a cautionary signal to the market. The technical confluence of the bearish TK cross and the bearish Kumo breakout in Olszewicz’s recent analysis only reinforces the possible bearish scenario that lies ahead for Dogecoin. Market participants are recommended to keep a close watch on the $0.14 level, as a decisive break below could validate the bearish outlook and set the stage for the anticipated decline. At press time, DOGE traded at $0.1413. Featured image created with DALL·E, chart from TradingView.com

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DOGEUSD Dogecoin