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.

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.

Meanwhile, D+ represents bullish strength, and D- represents bearish strength. In this case, the higher D- compared to D+ confirms that bearish forces are currently dominating DOGE’s price action.

Although the ADX at 22.84 suggests that the downtrend is not yet strongly established, the widening gap between D- and D+ points to growing bearish momentum.

This setup indicates that DOGE is likely entering a downtrend, with selling pressure outweighing buying interest. If the ADX continues to rise above 25 while D- remains dominant, it could confirm a stronger bearish trend, leading to further price declines.

DOGE Price Prediction: Can DOGE Reach $0.50 In November?

Dogecoin EMA lines suggest a shift in market sentiment from bullish to bearish, with the current price trading below the short-term EMA lines.

Additionally, these short-term lines are trending downward, indicating growing selling pressure and a weakening upward momentum. This bearish development suggests that DOGE price is losing its previous bullish support, potentially paving the way for further price declines.

If the downtrend strengthens, Dogecoin price could test key support at $0.34. If this level fails to hold, the price might drop as low as $0.14, marking a significant 61% correction.

However, if DOGE price manages to reverse the trend and regain bullish momentum, it could challenge resistances at $0.43 and $0.48. Breaking through these levels would likely push DOGE toward $0.50, a price not seen since March 2021, signaling a strong recovery.

Solana (SOL) price reached an all-time high of $264 on November 22 but has since entered a correction, dropping nearly 10% in the past 24 hours. Indicators like BBTrend and DMI show increasing bearish momentum.

The EMA lines, while still showing a bullish structure, hint at a potential death cross, which could intensify the correction if it forms. As SOL approaches key support levels, its ability to recover bullish momentum will determine whether it revisits resistance at $248 or faces further declines toward $194.

SOL BBTrend Is Negative for the First Time in 8 Days

Solana BBTrend has turned negative for the first time since November 18, currently sitting at -0.54. The BBTrend, or Bollinger Bands Trend, measures the momentum and direction of price movement relative to the Bollinger Bands, with positive values indicating upward trends and negative values suggesting downward trends.

This shift to negative territory signals increasing bearish momentum, marking a stark contrast from its recent peak of 10.8 on November 20, just before SOL reached a new all-time high.

Although -0.54 might not seem significant, it reflects a clear change in market sentiment, with SOL now down nearly 10% in the last 24 hours.

If the BBTrend continues to decline, it could amplify the bearish pressure, pushing SOL into a deeper downtrend. This would likely lead to further price corrections as sellers dominate and the market loses confidence in its short-term recovery potential.

Solana Downtrend Is Getting Stronger

SOL DMI chart shows its ADX rising to 27.24 from 21 yesterday, signaling a strengthening trend momentum. The ADX, or Average Directional Index, measures the strength of a trend, with values above 25 indicating a significant trend, whether bullish or bearish.

In Solana’s case, the rising ADX reflects increasing momentum in its current downtrend, suggesting that selling pressure is intensifying.

The DMI indicators further reinforce this bearish sentiment, with D+ at 12.7 and D- at 36.6. This large gap shows that bearish forces (D-) significantly outweigh bullish ones (D+).

An ADX above 25 and growing in a downtrend indicates that the negative momentum is solidifying. If this trend continues, Solana price could see further declines as the market tilts heavily in favor of sellers.

SOL Price Prediction: No New All-Time Highs For Now?

SOL EMA lines present a pivotal scenario, with the short-term lines still positioned above the long-term ones, indicating a lingering bullish setup.

However, the shortest-term EMA lines are trending downward and nearing a potential crossover with longer-term lines, signaling the possible formation of a death cross. This pattern often indicates a shift from bullish to bearish momentum, raising caution among traders.

If a death cross forms, SOL’s correction could intensify, leading the price to test its nearest support at $204. Should this level fail to hold, SOL price could decline further, targeting $194.

On the other hand, if Solana regains bullish momentum and reverses the trend, it could challenge resistance at $248. Breaking above this level could propel SOL price to surpass $264, achieving a new all-time high and reinforcing bullish sentiment in the market.

Centralized exchange Kraken will discontinue its NFT marketplace to allocate resources to upcoming projects. Users can no longer list, bid, or sell items after November 27, 2024.

However, withdrawals will remain available until the marketplace closes entirely on February 27, 2025.

Kraken’s NFT Platform Fails to Deliver on Expected Growth

Kraken notified users of this decision earlier today through an emailed statement. Launched in November 2022, Kraken’s NFT platform faced challenges as the market for digital collectibles weakened. The landscape had become extremely oversaturated in the past few years. 

Throughout 2024, 98% of NFT collections experienced little or no trading activity. Only 0.2% of new NFT drops generated profits, while most lost over 50% of their value within days.

On average, NFT holders are enduring a 44.5% loss since 2023. The average lifespan of an NFT is now 1.14 years—significantly shorter than the 2.85-year lifespan of typical crypto projects. Last year, nearly one-third of NFT initiatives failed, the highest rate recorded for the sector.

So, Kraken’s decision does not come as a surprise. It’s evident why the exchange has decided to reallocate its resources to other key developments. 

The US-based crypto exchange recently announced plans to optimize its policy and list 19 new tokens. This also includes the Donald Trump-inspired ‘TRUMP’ token, along with other popular meme coins. 

Amid the downturn, there are signs of recovery. Telegram reported a 400% surge in NFT activity during Q3 2024, driven by the integration of NFTs into gaming platforms like Hamster Kombat. By September, daily wallet transfers surpassed one million.

Additionally, an address linked to Vitalik Buterin, the co-founder of Ethereum, recently minted 400 Patron NFTs on Base. This sparked fresh discussions about the potential revival of NFTs as the sector looks for new use cases.