Dogecoin (DOGE) has witnessed a significant increase of 180% in the last month, though it's down 7.03% in the past week. With a massive $58 billion market cap, it's the leader among meme coins, four times larger than SHIB.
Current market indicators suggest that DOGE's bullish momentum might be losing its vigor. Its price, while above the Ichimoku Cloud and supported by the Tenkan-sen and Kijun-sen lines, shows signs of a potential slowdown. The narrowing gap between these lines hints at caution for further price increases.
The Dogecoin Directional Movement Index (DMI) also indicates a weakening trend. The ADX has decreased from over 60 to 22, suggesting the trend's strength is diminishing, aligning with other cautionary signals.
Nevertheless, if DOGE's price breaks resistance at $0.438, this could lead to a rally toward $0.50, potentially increasing its market cap above $60 billion. This could surpass companies like Porsche and Mercedes-Benz, invigorating the meme coin narrative.
However, if bearish momentum grows, DOGE might face a downturn, with the possibility of its price testing support levels such as $0.34, or even retracing to $0.14, marking a 64% drop from current levels.