Whether the price of Dogecoin (DOGE) entered a downtrend analysis and prediction or not? 📉

Dogecoin’s price action shows signs of weakness as it teeters around the midline of the Keltner Channel on the daily chart.

The drop below the $0.40 midline support signals that bears are beginning to gain a foothold over short-term market momentum. 

A decisive daily close below this level could confirm a larger downside move toward the critical $0.35 support zone.

If the $0.35 psychological support caves, the lower KC band at $0.334 will act as the next key support level to watch.

A breach of this line could accelerate selling pressure and push DOGE into deeper bearish territory. 

To analyze whether the price of Dogecoin (DOGE) has entered a downtrend, I must consider the following factors:

1. Technical Indicators:

Moving Averages (MA): A "death cross," where the short-term MA (e.g., 50-day) falls below the long-term MA (e.g., 200-day), often signals a potential downtrend.Relative Strength Index (RSI): If the RSI drops below 30, it suggests the asset is oversold and may indicate a continued downtrend.Price Action: A series of lower highs and lower lows, along with a breakdown below key support levels, often points to a bearish trend.

2. Volume Analysis: A downtrend is stronger when accompanied by increasing volume as the price falls, signaling strong selling pressure.

3. Support and Resistance: If Dogecoin falls below critical support levels without bouncing back, it suggests a downtrend. Rejection at resistance levels can also confirm difficulty in moving higher.

However, a combination of these indicators can confirm whether Dogecoin is in a downtrend, but due to market volatility, predictions should be cautious.