The post Dogecoin (DOGE) Price Weakens as Bears Take Control appeared on BitcoinEthereumNews.com.

Dogecoin (DOGE) price hit its highest level since 2021 on November 23 but has since entered a correction, dropping 12% in the last 24 hours. The Ichimoku Cloud, DMI, and EMA indicators all point to growing bearish momentum, with DOGE trading below critical levels and showing signs of weakening upward pressure. If the downtrend continues, DOGE could test support at $0.34, with a potential drop to $0.14 if selling pressure intensifies. However, a recovery could see DOGE challenge resistances at $0.43 and $0.48, potentially aiming for $0.50, a key milestone not reached since March 2021. DOGE Ichimoku Cloud Shows The Sentiment Is Changing The Ichimoku Cloud chart for DOGE shows a bearish outlook. The price is trading below both the Tenkan-Sen (blue line) and Kijun-Sen (orange line), indicating downward momentum. The price has also dropped below the cloud (Senkou Span A and B), suggesting a bearish trend has solidified. The cloud itself, now turning thinner toward the right side of the chart, signals weakening support, increasing the likelihood of further downward pressure. DOGE Ichimoku Cloud. Source: TradingView If DOGE fails to reclaim the cloud and hold above the Kijun-Sen, bearish momentum could accelerate, pushing the price lower. However, the flat base of the Kijun-Sen could act as a minor resistance, and a bounce back above the cloud would indicate a potential trend reversal. For now, the Ichimoku Cloud suggests that Dogecoin price is in a critical phase, during which the bears will remain in control unless a strong recovery occurs. Dogecoin’s Downtrend Could Get Stronger Dogecoin DMI chart indicates an ADX of 22.84, with D+ at 13.5 and D- at 29.7, highlighting a potential shift in momentum. The ADX, or Average Directional Index, measures the strength of a trend, with values above 25 indicating a significant trend, regardless of direction.…

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Filed under: News - @ November 26, 2024 5:23 pm