Dogecoin (DOGE) price recently rose to $0.48, its highest level since 2021, while it surpassed Porsche in market cap at $58 billion.
However, indicators such as the EMA lines suggest that the current uptrend may be losing momentum, with a possible reversal on the horizon.
DOGE’s Ichimoku Cloud Shows Possible Sentiment Shift
The Ichimoku Cloud chart of Dogecoin is showing a consolidation phase. The price is currently trading near the Kijun-sen (orange line) and Tenkan-sen (blue line).
DOGE price is hovering around the edge of the cloud (Senkou Span A and B), indicating uncertainty in momentum. While the price has not decisively broken below the cloud yet, its proximity suggests that the bullish momentum is weakening, and the cloud may now act as a key support area.
The green cloud structure suggests that medium-term support is still in place for now, but the lack of a strong upside move above the Tenkan-sen and Kijun-sen lines reflects indecision in the market.
If DOGE price fails to reclaim higher levels and slides below the cloud, it could signal the beginning of a downtrend. On the other hand, a clear move above the Kijun-sen with increased volume could reignite the bullish momentum and push the price higher.
Dogecoin's current trend is no longer strong.
DOGE’s DMI chart shows that the ADX has dropped to 18.7 from 25 in just one day, indicating a weakening trend. ADX, or Average Directional Index, measures the strength of a trend, regardless of direction, on a scale of 0 to 100.
Values above 25 indicate a strong trend, while values below 20 indicate a weak or no trend. This decline in ADX suggests that DOGE’s recent momentum is losing strength, and the market may be entering a consolidation phase.
With the positive directional indicator (D+) at 19.3 and the negative directional indicator (D-) at 17.7, the slight outperforming of D+ over D- reflects a slight bullish bias. However, the narrow gap between the two indicators highlights an indecisive market, where neither buyers nor sellers are in strong control.
For Dogecoin to establish a clear trend, D+ must rise significantly to confirm renewed bullish momentum, or D- must increase to indicate increased bearish pressure. Until then, price action is likely to remain rangebound.
DOGE Price Prediction: Could It Hit $0.50 Soon?
DOGE recently hit its highest level since 2021, peaking at $0.48 on November 23. It now has a market cap of $58 billion, surpassing the famous car company Porsche’s $56 billion.
If DOGE price manages to regain its upward momentum, it may retest the $0.48 resistance level and possibly rise to $0.50 or even $0.60, approaching its all-time high.
However, DOGE’s EMA lines indicate that the current trend may turn bearish, as a death cross may occur soon. If Dogecoin price breaks below the critical $0.36 support level, it could drop further to $0.14, marking its lowest level since early November.
