DOGE Price Prediction: DOGE Breaks Through the Cloud Chart and Issues a Bullish Signal, But Can It Overcome Key Resistance?

After breaking through the Kumo (cloud chart), Dogecoin (DOGE) flashed a bullish signal, raising market interest in whether its price can continue to rise. However, as the resistance level of $0.23 becomes the focus, a key question remains: Can Dogecoin clear this obstacle and reignite its pump?

Technical Analysis: The cloud has turned from resistance to support

Crypto analyst Trader Tardigrade shared a latest technical outlook on DOGE price trends on the X platform, primarily based on the Ichimoku Kinko Hyo indicator. The analysis pointed out an important development for DOGE: the Kumo breakout, which triggered a bullish signal for the cryptocurrency.

Analysts explain that this breakout is a critical turning point, as the Kumo (also known as the "cloud chart") which previously served as a resistance area, has now become a key support area for DOGE. According to the Ichimoku chart, DOGE's new support range is between $0.21517 and $0.22661. This area is expected to provide support for the price during any potential pullbacks.

On the other hand, the immediate resistance level is identified at 0.23804 USD, corresponding to the baseline of the Ichimoku Kinko Hyo (Kijun-sen). According to the analysis, a successful breakout above this level will confirm bullish momentum and may encourage DOGE to gain more rise.

Long and short signals intertwine: Overall trend is still in consolidation

Despite the bullish breakout, according to Trader Tardigrade's analysis, various components of the Ichimoku Kinko Hyo indicator present a mixed situation, ultimately resulting in a neutral overall outlook.

The first bullish signal comes from the color of the Kumo, which is green, indicating a bullish tendency. This is a key signal in the indicator, as it means that Leading Indicator A (Senkou Span A) is above Leading Indicator B (Senkou Span B), indicating a bullish momentum in the medium to long term.

However, the analysis also points out conflicting signals. While the medium-term trend is bullish (price is above the Kumo), the short-term trend is currently bearish as the price is below the baseline (Kijun-sen). From a long-term perspective, the trend is also negative because the lagging line (Chikou Span) is below the current price. Considering these conflicting signals, the final overall score of the analysis is zero, leading to the conclusion that DOGE is currently in a consolidation phase with no clear directional bias.

Conclusion

This technical analysis reveals the complexity of the current price trend of DOGE. While breaking through the cloud is an appealing bullish signal, providing support in the short term, analysts' cautious assessment of the overall trend reminds investors that the market is still in an uncertain consolidation phase. Short-term bearish and long-term negative signals offset the mid-term bullish signals, indicating that the upward momentum of DOGE may be limited before successfully breaking through the key resistance level of 0.23804 USD.