Dogecoin (DOGE) is currently trading below 0.33 USD, having decreased by 2% in the last 24 hours. The decline is compounded by a trading volume drop of 36%, highlighting a lack of market momentum.

Technical analysis with the Ichimoku Cloud and EMA structures indicates a bearish scenario for DOGE, which continues to face downside risks, despite a recent purchase of 370,000 DOGE by Neptune Digital Assets.

Although bearish momentum is showing signs of fading, DOGE could still test lower support levels like 0.20 USD if selling pressure remains. A significant shift in momentum would be necessary for recovery.