Dogecoin (DOGE) has seen minimal movement in the past 24 hours, with a slight decline of about 3%. Despite Neptune Digital Assets purchasing $370,000 DOGE, the trading volume has decreased by 36% to $1.65 billion. Struggling to break above the $0.33 mark for almost a week, DOGE is facing challenges in gaining bullish momentum.

Technical indicators are painting a bearish picture, with the Ichimoku Cloud and EMA lines highlighting potential downside risks. Without breaking through key resistance levels, the current weak trend suggests the possibility of further declines.

The Ichimoku Cloud chart for Dogecoin indicates a bearish outlook, with the price residing below the cloud and facing continued downward pressure. The red future cloud signals strong resistance levels in the near future, while the conversion line and baseline moving sideways suggest a period of consolidation rather than an immediate reversal.

Despite Neptune Digital Assets' significant DOGE purchase in December, the lagging span below the price action confirms the ongoing downtrend. With no clear signs of recovery, the downward sloping cloud ahead reinforces the potential for sustained bearish momentum.

DOGE's BBTrend is currently at -21.7, indicating a negative trend that is slightly weakening. While the bearish momentum remains, the easing selling pressure suggests a possible relief bounce or consolidation in the near future.

The EMA lines for Dogecoin are aligned in a bearish formation, with short-term EMAs below long-term ones. This configuration indicates a strong downtrend, with a potential test of the $0.20 support level if negative momentum persists.

In the event of a trend reversal, DOGE could aim to reclaim $0.30 as resistance, potentially leading to a retest of $0.36. A successful breakout above this level could pave the way for a climb towards $0.40, representing a 54% upside. However, until a more bullish formation is observed in the EMAs, the overall trend remains bearish.