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Dogecoin (DOGE) price has recently seen significant gains, up 128% in the past 30 days, marking a major milestone as the coin celebrates 11 years since its launch in 2013 by Billy Markus and Jackson Palmer. As the largest Meme Coin on the market, with a market capitalization approaching $65 billion, DOGE still retains strong attention.
However, DOGE’s Ichimoku Cloud chart is showing conflicting signals. Although the price remains above the clouds, indicating positive market sentiment, the narrowing gap between price and the clouds indicates potential volatility, which could lead to continued gains or reversals depending on the price. depends on the upcoming price trend.
DOGE Ichimoku Cloud shows conflicting signals
DOGE’s Ichimoku Cloud chart shows an overall upward trend with prices above the cloud, a signal that market sentiment remains in favor of Dogecoin.
The green line (Tenkan-sen) and blue line (Kijun-sen) are both above the red (Senkou Span A) and orange (Senkou Span B) lines, strengthening the upward momentum.
Price remains above the clouds, an important signal for the possibility of further growth. However, this gap is narrowing.
Consolidation near the recent peak could indicate a continuation or a reversal, depending on how the price interacts with the clouds and lines. If DOGE price falls below the clouds, this will indicate a bearish outlook.
Dogecoin trend could turn bearish
The recent decline in DOGE’s ADX from above 30 to 15.2 suggests weakening trend strength. An ADX below 20 typically indicates a lack of strength in trend momentum, suggesting that DOGE’s recent strong momentum is fading.
This decline in ADX suggests that the market may be entering a period of consolidation, with no clear trend direction, after a period of strong gains.
Average Directional Index (ADX) measures the strength of a trend, whether up or down. It ranges from 0 to 100, with values above 25 typically indicating a strong trend, and below 20 signaling a weak or unclear trend. When D+ is at 18.7 and D- is at 20.4, the fact that D- surpasses D+ shows that selling pressure is increasing.
Combined with the low ADX, this suggests that DOGE may be losing momentum, with the possibility of a price correction or further consolidation as selling pressure begins to outweigh buying activity.
DOGE Price Prediction: Will Dogecoin Fall Below $0.30?
Dogecoin price could face a potential correction as its short-term EMAs nearly cross one of the long-term EMAs, which could form a death cross. A death cross often signals a transition from an uptrend to a downtrend, and if this occurs, the DOGE price could decline.
The crossover of these lines points to weakening bullish momentum and suggests that the price may experience downward pressure in the near future.
If the death cross occurs, DOGE price could test the support levels at $0.36 and $0.34. If these levels fail to hold, the price could fall further, potentially hitting as low as $0.219.
However, if the uptrend continues and D+ (positive upward movement) strengthens more than D- (negative downward movement), DOGE could regain momentum and test $0.48 again , could even rise to $0.50 for the first time since 2021.
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