DOGE Price Hurtles Towards Breakdown as Volume Collapses
DOGE's price has been stuck in a tight range of $0.0696 to $0.0709, with barely any trading volume on Binance. This lack of movement is not consolidation but abandonment, according to Timothy Morano.
The technical indicators are not bullish, but they're also not aggressively bearish. The MACD histogram is at zero, and the RSI is grinding at 39.4, close to oversold territory. However, a Stochastic oscillator cross above %D at 21.23 in oversold territory could signal a short-lived bounce.
A 78.7% long ratio among top-tier traders on Binance suggests that they see a near-term catalyst or are playing a mean-reversion back to the 50-day SMA. However, retail is still heavily long with a 74.3% position, which increases the risk of a squeeze.
Timothy Morano warns that if DOGE's price breaks below $0.068, it could trigger a cascade of liquidations and drop all the way to $0.060 or even $0.055.