Dogecoin (DOGE) Price Struggles to Gain Momentum As Trading Volume Falls 36%

From beincrypto by Tiago Amaral

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.

  DOGE Ichimoku Cloud. Source: TradingView.  

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.

Dogecoin BBTrend Is Still Negative, But Going Up

Dogecoin  BBTrend is currently at -21.7, having remained negative for the past two days. It peaked at -26.1 yesterday before beginning to lose strength, signaling that the bearish momentum is still present but slightly weakening.

BBTrend is an indicator that measures trend strength based on Bollinger Bands. Positive values indicate bullish momentum and negative values suggest a bearish trend. The further the value is from zero, the stronger the trend in either direction.

  DOGE BBTrend. Source: TradingView.  

With DOGE’s BBTrend now at -21.7, down from -26.1 yesterday, it suggests that while the downtrend remains intact, selling pressure is starting to ease. A continued move upward in BBTrend could indicate that bearish momentum is fading, potentially leading to consolidation or a relief bounce.

However, as long as the BBTrend remains negative, the overall trend is still bearish, meaning  DOGE price  could struggle to gain significant upside traction unless a stronger shift in momentum occurs.

DOGE Price Prediction: Will DOGE Surge and Break the $0.36 Resistance This Time?

Dogecoin EMA lines indicate a bearish outlook, with short-term EMAs positioned below long-term ones. This alignment suggests that the current downtrend remains strong, and if the negative momentum continues, DOGE could test the $0.20 level.

A breakdown below this support could push  Dogecoin price  further down to $0.14, marking its lowest point since December 10, 2024.

  DOGE Price Analysis. Source: TradingView.  

On the other hand, if the trend reverses, DOGE could attempt to reclaim $0.30 as resistance. A successful breakout above this level could lead to a retest of $0.36, a key level that DOGE failed to surpass at the end of January.

If bullish momentum strengthens further,  DOGE price  could climb as high as $0.40, representing a potential 54% upside. However, until the EMAs shift to a more bullish formation, the overall trend remains bearish.