Dogecoin (DOGE) price has recently seen significant growth, up 128% in the last 30 days, marking a major milestone as it celebrates 11 years since its launch in 2013 by Billy Markus and Jackson Palmer. As the largest meme coin in the market, with a market cap approaching $65 billion, DOGE continues to hold strong attention.

However, the DOGE Ichimoku Cloud chart is showing mixed signals. While the price remains above the cloud, indicating favorable market sentiment, the narrowing distance between the price and the cloud suggests potential volatility, which could either lead to continued gains or a reversal depending on future price action.

DOGE Ichimoku Cloud Shows Mixed Signals

The DOGE Ichimoku Cloud chart shows an overall bullish trend with the price positioned above the cloud, indicating that the market sentiment is still favorable for Dogecoin.

The green line (Tenkan-sen) and the blue line (Kijun-sen) are above the red (Senkou Span A) and orange (Senkou Span B) lines, further suggesting upward momentum.

The price remains above the cloud, a key signal for potential further gains. However, this distance is narrowing.

The recent consolidation near the top could signal either a continuation or a reversal, depending on how the price interacts with the cloud and the lines. If DOGE price were to fall below the cloud, this would suggest a bearish outlook.

Dogecoin Trend Could Turn Negative

The recent drop in DOGE’s ADX from above 30 to 15.2 indicates a weakening trend strength. An ADX below 20 generally signals a lack of trend momentum, suggesting that the recent bullish momentum b

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Author: Tiago Amaral