In the dusty corners of the digital marketplace, Dogecoin (DOGE) finds itself battered and bruised, a mere shadow of its former self, having plummeted 15% in the past week. The poor creature struggles to find a foothold, as the relentless selling pressure bears down like a heavy fog. Technical indicators, those fickle friends, continue to paint a grim picture of a strong bearish trend.
Should this decline persist, the beleaguered DOGE may soon find itself testing the support at $0.142, a threshold that, if breached, could send it tumbling below $0.14 for the first time since the autumn of 2024. Yet, in the whimsical world of meme coins, a resurgence of hype could breathe life back into this weary traveler, with resistance levels at $0.19 and $0.22 standing like sentinels against a potential trend reversal.
DOGE Ichimoku Cloud Paints A Bearish Picture
The Dogecoin Ichimoku Cloud chart, a veritable oracle of doom, reveals a strong bearish setup. The price languishes below both the blue Tenkan-sen (conversion line) and the red Kijun-sen (baseline), as if it were a lost soul wandering in the wilderness.
This dismal positioning suggests that short-term momentum remains as negative as a rainy day in Salinas, with DOGE struggling to break free from these oppressive resistance levels.
The Ichimoku cloud (Kumo) ahead is a foreboding shade of red, reinforcing the ongoing bearish sentiment, while the cloud itself hovers ominously above the current price like a storm cloud ready to unleash its fury.
The downward slope of the Tenkan-sen and Kijun-sen further confirms the strength of this bearish trend, making any recovery attempts as fragile as a spider’s web in a windstorm. A move into the cloud might hint at a potential transition to a neutral phase, but for now, the trend remains as clear as a California sky—unmistakably bearish.
Until the price breaks above the Tenkan-sen and Kijun-sen or the cloud turns a hopeful green, any upward movements could merely be temporary pullbacks within a broader downtrend.
If the selling pressure continues its relentless assault, DOGE may find itself on a downward spiral, testing lower support levels in the days to come.
Dogecoin DMI Shows Sellers Are Extensively In Control
In the realm of Dogecoin’s Directional Movement Index (DMI), the Average Directional Index (ADX) currently stands at a staggering 39.1, a sharp rise from a mere 17.1 just two days prior. It’s as if the market has decided to throw a party, and the sellers are the only ones invited.
The ADX, that trusty measure of trend strength, indicates that values above 25 signal a strong trend, while those below 20 suggest a market that’s as lively as a sloth on a Sunday. The rapid rise in ADX confirms that Dogecoin’s ongoing downtrend is intensifying, with sellers firmly in the driver’s seat.
The -DI (negative directional index) has surged to 37, up from 28.91 just a day ago, while the +DI (positive directional index) has dwindled to 12.67 from 14.83. This widening gap between the -DI and +DI is a clear indication that selling pressure is outpacing buying interest like a tortoise outrunning a hare.
With the -DI continuing to rise and the +DI trending downward, DOGE’s price is likely to remain under pressure unless a miraculous reversal in momentum occurs. The +DI would need to start rising while the -DI declines for any signs of a potential recovery. For now, the dominant trend remains bearish, and DOGE may continue its quest to test lower support levels.
Dogecoin Will Have a Hard Time To Reclaim $0.20 Soon
In the past week, DOGE has dropped a staggering 18%, reinforcing its bearish trend as selling pressure continues to reign supreme. If this downtrend persists, DOGE could soon find itself
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2025-03-11 22:45