DOGE Price Loses Momentum as Downtrend Strengthens
The price of Dogecoin (DOGE) has fallen by nearly 10% in the past 24 hours, falling below the $60 billion market capitalization threshold. The Ichimoku cloud chart shows DOGE entering a bearish phase with its price trading above the cloud for some time before falling below the cloud.
Clouds that were previously mostly green are now losing steam. Tenkan-sen (blue line) has fallen below Kijun-sen (red line), confirming negative sentiment. Additionally, DOGE’s ADX has increased, indicating that the downtrend is strengthening, which could signal further downward pressure on prices in the near term.
DOGE Ichimoku Cloud Shows Market Sentiment Now Bearish
Dogecoin The Ichimoku chart shows that price action recently entered a bearish phase, with candles falling below the clouds after an extended period of time. dog price Ride on it and in it.
The cloud itself has remained predominantly bullish green throughout the time frame shown, although it has started to thin in recent times.
Looking at the indicator lines, we see the faster moving Tenkan-sen (blue line) crossing the slower Kijun-sen (red line), confirming the bearish sentiment.
The Cloud’s leading span lines (light green and red lines) are relatively flat, showing potential loss of momentum in the trend. The fact is Dogecoin Price A break below the cloud and indicator lines indicates increasing selling pressure on this time frame.
Dogecoin’s current downward trend is getting stronger
ADX is dog It is currently at 26.3, up from around 17 two days ago, indicating that the downward trend is strengthening. ADX values above 25 usually indicate a strong trend, in this case a rising ADX indicates: Bearish Momentum for DOGE is intensifying.
The increase in ADX indicates that the trend is becoming clearer and may continue to exert downward pressure on the price of DOGE in the near term.
ADX (Average Directional Index) measures the strength of a trend and ranges from 0 to 100. Values above 25 indicate a stronger trend, while values below 20 typically indicate a weaker trend or a range-bound market. DOGE’s D- is 30.5 and D+ is 9.8. D- is much higher than D+, indicating that the dominant force in the market is a downward trend.
This suggests that unless momentum shifts, the price of DOGE is likely to continue falling, and further declines are likely unless the market reverses.
DOGE Price Forecast: Potential 64% Correction?
The EMA line for Dogecoin price clearly indicates that the cryptocurrency is in a downtrend, with the short-term line being lower than the long-term one. If this bearish trend continues, dog price A test of the nearest support at $0.34 is likely.
Failure to hold this level could lead to a further drop to $0.219 or even as low as $0.14, which would amount to a massive 64% correction.
However, if dog price If it manages to reverse the current downward trend, it may first face resistance near the $0.42 mark.
If DOGE breaks this resistance, it may continue its upward move, testing the $0.46 and $0.48 levels next.
Disclaimer
conform to trust project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
