Dogecoin (DOGE) reached its highest price since 2021 on November 23, but then began to pull back, falling 12% in the past 24 hours. Judging from the Ichimoku Cloud, DMI and EMA indicators, the current bearish trend is strengthening, and the price of DOGE has fallen below the key support level, showing a lack of upward momentum.
If the downtrend continues, DOGE may test the $0.34 support level, and if selling pressure increases, the price may fall further to $0.14. However, if a rebound occurs, DOGE may challenge the $0.43 and $0.48 resistance levels, and may even break through $0.50, which has been an important hurdle since March 2021.
DOGE’s Ichimoku Cloud Chart Shows Market Sentiment is Shifting
The price has broken below the Tenkan-Sen (blue line) and Kijun-Sen (orange line), which means that the downward pressure has increased. The price has also broken below the cloud (Senkou Span A and B), further consolidating the bearish trend.
The cloud itself is also starting to thin, which means support is weakening, increasing the risk of further downside.
If DOGE fails to break through the cloud and stay above the Kijun-Sen, the decline could accelerate, leading to a downward move in price. However, the bottom of the Kijun-Sen could provide some support, and a rebound and breakout above the cloud could signal a trend reversal.
Currently, judging from the Ichimoku Kinko Hyo, the price of Dogecoin is at a critical juncture. Unless there is a strong rebound, the control of the bears will still be dominant.
If the downtrend is not arrested, Dogecoin could weaken further
On the DMI indicator, Dogecoin’s ADX is 22.84, D+ is 13.5, and D- is 29.7, which indicates that the market momentum may change. ADX (Average Directional Index) measures the strength of the trend, and a value greater than 25 indicates a more obvious trend, whether it is up or down.
At the same time, D+ represents buyer power, and D- represents seller power. In the current situation, D- is higher than D+, which means that selling pressure dominates, pushing the price of Dogecoin downward.
Although the current ADX value of 22.84 suggests that the downtrend is not yet fully established, the widening gap between D- and D+ shows that bearish momentum is gradually gaining momentum.
This situation suggests that Dogecoin (DOGE) may be entering a downward phase, with selling pressure outweighing buying interest. If the ADX continues to rise above 25 while the D- continues to dominate the market, a stronger downtrend may form, which could push prices further downward.
DOGE Price Prediction: Can Dogecoin Reach $0.50 in November?
Judging from the EMA line, the market sentiment of Dogecoin has turned from bullish to bearish, and the current price is below the short-term EMA line.
In addition, the downward trend of the short-term EMA line also shows that selling pressure is gradually increasing, while the upward momentum is weakening. This bearish signal indicates that Dogecoin is losing its previous upward support, which may open up space for further price declines.
If the downtrend intensifies, the price of Dogecoin (DOGE) could test the critical support level of $0.34. If it breaks below this level, the price could drop further to $0.14, which would represent a correction of about 61%.
However, if Dogecoin can successfully reverse the current trend and resume its upward momentum, it may challenge the $0.43 and $0.48 resistance levels. After breaking through these levels, DOGE is expected to hit $0.50, which is the highest price since March 2021, marking a possible strong recovery.
