Dogecoin (DOGE) Price Declines 10% in 24 Hours, Loses $60 Billion Market Cap

Dogecoin (DOGE) price has dropped nearly 10% in the last 24 hours, falling below the $60 billion market cap threshold. The Ichimoku Cloud chart shows DOGE entering a bearish phase, with its price dropping below the cloud after a period of trading above it.

The cloud, which was previously predominantly green, is now losing momentum. The Tenkan-sen (blue line) has crossed below the Kijun-sen (red line), confirming the negative sentiment. Additionally, the ADX for DOGE has risen, indicating that the downtrend is gaining strength, which could signal further downward pressure on the price in the short term.

DOGE Ichimoku Cloud Shows The Sentiment Is Now Bearish

Dogecoin Ichimoku chart shows the price action recently entering a bearish phase, with candles dropping below the cloud after an extended period where DOGE price rode above and within it.

The cloud itself has maintained a predominantly bullish green color throughout the displayed timeframe, though it’s starting to thin out in recent periods.

DOGE Ichimoku Cloud. Source: TradingView

Looking at the indicator lines, we see the faster-moving Tenkan-sen (blue line) crossing below the slower Kijun-sen (red line), confirming the bearish sentiment.

The cloud’s leading span lines (light green and red lines) have been relatively flat, showing a potential loss of momentum in the trend. The fact that Dogecoin price has fallen below both the cloud and the indicator lines suggests increasing selling pressure in this timeframe.