Dogecoin Faces Bearish Pressure Despite Whale Accumulation

Technical Indicators Signal Bearish Outlook
Will DOGE Break $0.36 Resistance?

Dogecoin (DOGE) has dropped 3% in the past 24 hours, with its trading volume declining by 36% to $1.65 billion. Despite Neptune Digital Assets purchasing $370,000 worth of DOGE, the price remains below $0.33, struggling to gain bullish momentum.

Technical Indicators Signal Bearish Outlook

The Ichimoku Cloud analysis suggests continued downward pressure, as DOGE trades below the cloud with a red future cloud, signaling strong resistance ahead. The conversion line (blue) and baseline (red) are moving sideways, hinting at consolidation rather than recovery. Meanwhile, the lagging span (green) remains below price action, reinforcing the bearish trend.

Additionally, the BBTrend indicator sits at -21.7, recovering slightly from -26.1 yesterday. While this suggests selling pressure is easing, the trend remains negative, keeping DOGE in a weak position.

Will DOGE Break $0.36 Resistance?

DOGE’s Exponential Moving Averages (EMAs) indicate a strong downtrend, with short-term EMAs below long-term ones. If bearish momentum continues, DOGE could test $0.20. However, a reversal could see DOGE reclaim $0.30, with a possible breakout toward $0.36. A successful move past this level may drive DOGE up to $0.40, marking a 54% upside. For now, bullish momentum remains weak, leaving DOGE vulnerable to further declines.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Dogecoin Faces Bearish Pressure

Sujit Kumar

Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.