Dogecoin (DOGE) price has risen 7% in the last 24 hours, as it tries to regain its $50 billion market cap. Trading volume has surged to $3 billion during this period.
Key technical indicators, such as the Ichimoku Cloud, signal strong upward momentum. If the current trend continues, DOGE could break through key resistance levels and achieve significant short-term gains.
DOGE Ichimoku Cloud Shows a Bullish Setup
The Ichimoku Cloud chart for Dogecoin reveals a bullish setup. The price broke above the red cloud, indicating a shift in momentum, as buyers have gained control, pushing the price higher.
The red cloud, formed by Senkou Span A and Senkou Span B, previously reflected bearish sentiment, but DOGE move above it suggests a change in sentiment. The current green cloud ahead further supports this bullish outlook, as it signals potential continuation of upward momentum.
Additionally, the blue Tenkan-sen (conversion line) has crossed above the orange Kijun-sen (baseline), further confirming the bullish trend. This crossover highlights short-term price strength exceeding the longer-term baseline. The green lagging span (Chikou Span) is also positioned above the price and the cloud, signaling that the current bullish trend is consistent with prior price movements.
For DOGE price to maintain its upward trajectory, it must hold above the cloud and build on this momentum. However, any failure to sustain these levels could lead to consolidation or a retracement back into the cloud.
Dogecoin DMI Indicates Potential for a Stronger Uptrend
Go to Source to See Full Article
Author: Tiago Amaral
