Dogecoin (DOGE) price has increased 7% in the past 24 hours, as it attempts to regain its $50 billion market capitalization. Trading volume increased to $3 billion during this period.
Key technical indicators, such as the Ichimoku Cloud, show strong bullish momentum. If the current trend continues, DOGE could break above key resistance levels and post significant near-term gains.
Ichimoku Cloud configuration for DOGE shows an upward trend
Dogecoin’s Ichimoku Cloud chart shows a bullish configuration. Price broke above the red cloud, which indicates a shift in momentum, as buyers have gained control, pushing prices higher.
The red cloud, made up of Senkou Span A and Senkou Span B, previously reflected bearish sentiment, but DOGE’s move above it indicates a change in sentiment. The green cloud ahead also supports this bullish outlook, as it signals the possibility of continued bullish momentum.
Additionally, the blue Tenkan-sen line (conversion line) has crossed above the orange Kijun-sen line (base line), further confirming the uptrend. This crossover highlights short-term price strength surpassing the long-term baseline. The green Lagging Span (Chikou Span) is also above the price and cloud, showing that the current uptrend is in line with previous price movements.
For DOGE price to maintain upward momentum, the price must stay in the cloud and build on this momentum. However, failure to maintain these levels could lead to consolidation or a correction back into the clouds.
Dogecoin’s DMI indicates further upside potential
Dogecoin’s DMI chart shows that the ADX is currently at 21.5, up significantly from 11.9 just yesterday, showing that the uptrend is strengthening. The rise in ADX shows that the uptrend is gaining momentum, reflecting growing confidence in the market and heightened buying activity.
The Average Directional Strength Index (ADX) measures trend strength on a scale from 0 to 100, with values above 25 indicating a strong trend and values below 20 indicating weak or Not available. DOGE’s ADX at 21.5 shows that the trend is well established, especially considering the sharp increase in +DI and decrease in -DI.
In the short term, this configuration suggests that DOGE price is likely to continue its upward momentum as buyers are in control. However, for the trend to be sustained, ADX needs to continue to rise and hold above 25 to confirm a strong trend.
DOGE Price Prediction: Will it Rise 22% Soon?
Dogecoin price EMAs show that a Golden Cross could soon form, a bullish indicator where the short-term EMA crosses above the long-term EMA. This potential crossover could signal a continuation of the uptrend, allowing DOGE to test resistance at $0.36.
If this level breaks, DOGE price could aim for higher resistance levels at $0.387 and $0.415, representing a potential 22.7% upside.
Conversely, if the uptrend loses momentum and the market reverses, DOGE price could test immediate support at $0.30. Failure to hold this level could result in a steeper decline, with the next strong support at $0.26.
For DOGE to maintain bullish momentum, a Golden Cross is needed, and buyers need to push the price through key resistance levels.
