Dogecoin Faces Bearish Pressure Despite Whale Accumulation
- topcryptonews
- Feb 7
- 1 min read
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.
