Dogecoin (DOGE) Price recently surged to $0.48, its highest level since 2021, while surpassing Porsche in market capitalization at $58 billion.

However, indicators like the EMA lines suggest the current uptrend may lose momentum, with a potential reversal on the horizon.

DOGE Ichimoku Cloud Shows a Potential Shift In Sentiment

The Ichimoku Cloud chart for Dogecoin shows a consolidation phase. The price currently trades near the Kijun-Sen (orange line) and Tenkan-Sen (blue line).

DOGE price is hovering around the edge of the cloud (Senkou Span A and B), indicating uncertainty in momentum. While the price has yet to fall decisively below the cloud, its proximity signals that the bullish momentum is weakening, and the cloud may now act as a key support zone.

The green cloud structure suggests mid-term support is intact for now, but the lack of strong upward movement above the Tenkan-Sen and Kijun-Sen lines reflects hesitation in the market.

If DOGE price fails to reclaim higher levels and slips below the cloud, it could signal the start of a bearish trend. On the other hand, a clear move above the Kijun-Sen with increasing volume could reignite bullish momentum and push the price higher.

Dogecoin Current Trend Isn’t Strong Anymore

The DOGE DMI chart shows that its ADX has dropped to 18.7 from 25 in just one day, signaling a weakening trend. The ADX, or Average Directional Index, measures the strength of a trend, regardless of direction, on a scale from 0 to 100.

Values above 25 indicate a significant trend, while values below 20 suggest a weak or no trend. This drop in ADX suggests that Go to Source to See Full Article
Author: Tiago Amaral