My View On Dogecoin

I think Dogecoin is still retracing from its all time high, there is a big red ichimoku cloud forming on the daily as well as no buying volume in an oversold market. It can take some time for DOGE to make a new all time high, hence I am not investing in it before it reaches below my indicated buying zone (which is between two major supports). I did not have a look at the fundamental aspects of Dogecoin, hence this chart can play out differently and there is a chance Dogecoin will bounce earlier or not at all. If the next market cycle plays out, Dogecoin can see some nice % gains.

Any feedback on this idea is much appreciated!