Dogecoin (DOGE) price has shown little movement in the last 24 hours, down about 3%. Its trading volume has dropped 36% to $1.65 billion despite Neptune Digital Assets buying $370,000 DOGE. The price has been stuck below $0.33 for nearly a week, struggling to gain bullish momentum.

Technical indicators continue to show a bearish setup, with the Ichimoku Cloud and EMA lines reinforcing downside risks. Unless DOGE can break key resistance levels, the trend remains weak, leaving room for further declines.

Ichimoku Cloud Shows a Bearish Outlook for DOGE

Dogecoin Ichimoku Cloud chart presents a bearish outlook, with the price trading below the cloud. The future cloud remains red, signaling continued downward pressure and indicating that resistance levels could remain strong in the near term.

The conversion line (blue) is currently moving sideways near the baseline (red), suggesting a period of consolidation rather than an immediate trend reversal.

However, with the price failing to gain momentum above these lines, bearish sentiment remains dominant, despite Canadian crypto company Neptune Digital Assets announcing that it had purchased $350,000 worth of DOGE in December.

Additionally, the lagging span (green) is positioned below the price action, confirming that DOGE price is still in a downtrend. The cloud ahead is sloping downward, reinforcing the possibility that bearish momentum could persist.

If the baseline flattens while the conversion line moves upward, it could indicate a potential trend shift, but for now, DOGE remains in a weak position with no clear signs of recovery.

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Author: Tiago Amaral

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