Dogecoin Struggles: Price Drops 3%, Bearish Outlook Persists

Dogecoin (DOGE) has been struggling to gain momentum in recent days, with its price falling by 3% in the last 24 hours. Despite a 36% increase in trading volume to $1.65 billion, the cryptocurrency has remained below the $0.33 mark for nearly a week. Technical indicators, such as the Ichimoku Cloud and EMA lines, suggest a bearish outlook, with the price trading below the cloud and the conversion line moving sideways near the baseline. The lagging span is also positioned below the price action, confirming the downtrend.

The BBTrend indicator, which measures trend strength based on Bollinger Bands, is currently at -21.7, having remained negative for the past two days. Although the indicator has been weakening, it suggests that the bearish momentum is still present. 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.

In terms of price prediction, the EMA lines indicate a bearish outlook, with short-term EMAs positioned below long-term ones. If the negative momentum continues, DOGE could test the $0.20 level, with a breakdown below this support potentially pushing the price further down to $0.14. However, if the trend reverses, DOGE could attempt to reclaim $0.30 as resistance, with a successful breakout above this level potentially leading to a retest of $0.36. If bullish momentum strengthens further, DOGE price could climb as high as $0.40, representing a potential 54% upside.