In the past 24 hours, the price of Dogecoin (DOGE) has fallen nearly 10%, and its market capitalization has dropped below $60 billion. According to the analysis of the Ichimoku chart, Dogecoin has currently entered a bearish phase, with the price within a cloud but has recently fallen below the cloud. The color of the cloud has shifted from a predominantly green bullish signal to losing vitality, and market sentiment is trending negative.
DOGE Ichimoku cloud shows that market sentiment is currently bearish
On DOGE's Ichimoku chart, the price trend has turned bearish. DOGE had been hovering above and within the cloud for some time, but recently the price has fallen below the cloud. The cloud itself had maintained a green bullish signal but has now started to thin out.
Tenkan-sen (blue line) has fallen below Kijun-sen (red line), further confirming the market's negative sentiment.
Cloud leading span lines (light green and red lines) tend toward the top layer, indicating that the momentum of the trend may be breaking.
Price breaks the cloud and its indicator lines, suggesting increased selling pressure in the short term.
Downtrend strengthens, ADX indicator rises
According to the analysis of ADX (Average Directional Index), DOGE's current downtrend is strengthening. Two days ago, the ADX was around 17, and it has now risen to 26.3, indicating that the market's downtrend is intensifying. An ADX value above 25 typically indicates a strong trend, and the current increase suggests that DOGE's downward pressure may continue to increase.
DOGE's D- (downward momentum) is at 30.5, far from D+ (upward momentum) at 9.8, indicating that the downtrend currently dominates the market.
The change in this indicator suggests that unless the market sees a momentum battery, DOGE's price may continue to decline.
DOGE Price Prediction: A 64% correction may occur
According to the analysis of DOGE's EMA line (Exponential Moving Average), Dogecoin currently shows a clear downward trend, with the short-term EMA line below the long-term EMA line. If the downtrend continues, DOGE may test the recent support level of $0.34. If this support level fails to hold effectively, the price may further drop, even retracing to $0.219, indicating a potential 64% significant correction.
If DOGE successfully reverses the current downtrend, it may first face resistance at $0.42. After breaking this resistance, DOGE may continue to rise, testing higher levels of $0.46 and $0.48. Public.粽.好: Liu Liu says currency (weekly strategy analysis of Bitcoin and Ethereum from Monday to Saturday, long-term recommendation of quality individual coins and live analysis)
Conclusion
Overall, DOGE is currently in a downtrend and may face further downward pressure in the short term. Investors should closely monitor the performance of support levels; if key support is broken, a deeper correction may occur. However, if market sentiment tightens positively, DOGE may rebound and challenge higher price levels.