DOGE could increase in price if the market capitalization increases above $25 billion
Dogecoin price trend
Currently, DOGE's price is fluctuating between the Tenkan-sen line and the 100 EMA on the 4-hour chart. After trying to surpass the 0.16 USD level along the Tenkan-sen line, DOGE failed to maintain its upward momentum, indicating a bearish trend.
lchimoku cloud, or lchimoku Kinko Hyo, is a comprehensive indicator used in technical analysis. It identifies support and resistance levels, identifies trends, measures momentum and provides trading signals.
The daily lchimoku cloud is a key resistance level that DOGE needs to overcome to turn bullish. Price is trying to break out from the bottom of the daily lchimoku cloud, which will also reinforce the bearish sentiment.
The market capitalization threshold of 25 billion closes the psychological threshold
The market capitalization of Dogecoin (DOGE) is currently hovering around a key level between $20 and $30 billion. Understanding this volatility is essential to predicting market trends. This range is an important support and resistance zone that affects the price of DOGE.
If D0GE's market capitalization drops below this range, this could trigger a strong bearish trend. This decline indicates a lack of investor confidence and could lead to increased selling pressure. As a result, the price of DOGE could fall further as the market searches for new lower support levels.
However, a bullish reversal could occur if Dogecoin's market capitalization rises above $25 billion, the price breaks the $0.18 threshold, and the daily cloud lchimoku.
