Dogecoin (DOGE) traders are facing bearish trends as analyst and trader CryptoJobs3 shared a detailed market analysis warning of potential price dips. In a tweet, the analyst confirmed a bearish breakout and highlighted key levels to monitor, emphasizing the importance of caution before initiating long positions.
Bearish Breakout Confirmed on H4 Chart
CryptoJobs3’s analysis points to a bearish breakout on the 4-hour (H4) chart, where the price recently failed to reclaim a crucial upward trendline near $0.40. This retest rejection solidified the bearish trajectory.
At publication, DOGE was trading at $0.3964, reflecting a 2.60% decline, with further downside momentum anticipated.
The analyst identified immediate resistance at $0.40, which aligns with the retest level, and an upper resistance zone at $0.48206, though this higher level appears irrelevant given the current bearish scenario.
On the support side, the $0.34779–$0.3400 range is noted as a pivotal zone. A breach of this range could lead to an accelerated descent toward the $0.30 and $0.2800 levels.
Weekly Chart Signals Deeper Corrections
The weekly DOGE chart offers additional insights into the bearish outlook. Following a parabolic rise to $0.51402, Dogecoin failed to sustain gains and experienced a sharp reversal.
The Ichimoku Cloud analysis further underscores the downward momentum, with DOGE falling below key Ichimoku levels and appearing to head toward the flat Kijun-sen (baseline) around $0.30–$0.28.
Support zones on the weekly chart include $0.34779 as an initial level, while the deeper $0.30–$0.28 range represents a possible target if selling pressure continues.
Resistance zones remain unchanged, with $0.40 acting as a cap and $0.51402 as a long-term upper threshold unlikely to be tested soon.
Read also: This Chart Explains Why the RENDER Price Could Be Ready for a Rally to $13
Tweet Analysis Reflects Bearish Sentiment
CryptoJobs3’s tweet confirmed the bearish correction, urging caution for traders.
The analyst highlighted the ongoing bearish trend and recommended waiting for clear bullish reversal signs before considering long positions. The callout of the $0.3400–$0.3500 support zone, along with the potential drop to $0.30 or $0.28, aligns with the technical analysis presented.
Dogecoin’s current price action suggests that the bearish correction is not yet complete. With support and resistance levels clear, traders should monitor these zones. The key to navigating the market lies in waiting for bullish signals before initiating long positions, as CryptoJobs3 emphasized in their analysis.
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