Dogecoin (DOGE) saw its price jump 7% within 24 hours, propelled by a sharp increase in trading volume hitting $3 billion. This surge positions DOGE towards reclaiming a $50 billion market cap. Key technical metrics, especially the Ichimoku Cloud, showcase strong upward momentum, suggesting the potential for further short-term gains.
The Ichimoku Cloud charts reveal DOGE's price has moved above the previous red cloud, indicating a bullish momentum shift. This move is complemented by the crossover of the blue Tenkan-sen over the orange Kijun-sen, reinforcing the short-term bullish trend. For DOGE to maintain this trajectory, it must continue building momentum above the cloud.
The DMI chart is also revealing positive insights for DOGE. A significant rise in the ADX value from 11.9 to 21.5 indicates a strengthening trend. Coupled with strong buying pressure, reflected in the surging +DI and dropping -DI, these factors point towards dominant bullish momentum.
Further forecasts speculate a potential 22.7% rise if a Golden Cross forms, where short-term EMA surpasses long-term EMA, lifting DOGE to test resistances between $0.36 and $0.415. However, breaking these points is crucial to achieving this gain. If momentum falters, DOGE may face support at $0.30 or a deeper decline towards $0.26.
