• Dogecoin is in a sideways structure on the four-hour chart.
• If the range formation extends, it could offer a shorting opportunity with an entry at 50% Fib level and targeting 23.6% Fib level.
• The Relative Strength Index (RSI) and Cumulative Volume Delta (CVD) confirm the overwhelming selling pressure.
Dogecoin Range Formation Offers Shorting Opportunity
Dogecoin [DOGE] has been trading in a sideways structure on the four-hour chart since its extended drop last Saturday (10 June). According to the Fibonacci retracement tool placed between the lower high on 5 June and swing low on 10 June, DOGE has been consolidating between 23.6% ($0.05779) and 50% ($0.06316) Fib levels. If this sideway’s structure persists, it could offer traders an opportunity to go short with an entry at 50% Fib level ($0.06316) targetting 23.6% Fib level ($0.05779).
Technical Indicators Show Overwhelming Selling Pressure
Both Relative Strength Index (RSI) and Chaikin Money Flow (CMF) indicate that sellers are firmly in control of DOGE’s market structure at press time while CMF crossed above its median zero level, denoting improved capital inflows into the market compared to before. Additionally, Cumulative Volume Delta (CVD) also confirms this overwhelming selling pressure as seen from the RSI indicator as it showed selling volumes increasing in recent days while DOGE’s Open Interest (OI) has also improved over time which suggests more liquidity entering into the market than leaving it soon after trades occur so traders can take advantage of that liquidity for their trading activities without much worry about price slippage or having difficulty executing orders during volatile periods of price action .
Bullish Structure To Flip Market Sentiment
A candlestick close above 61.8% Fib level ($0.06556), however, will invalidate this bearish thesis as well as any potential shorting opportunities arising from this range formation while only a close above lower high at $0.7333 could flip DOGE’s H4 structure to bullish bias entirely thus changing market sentiment toward that direction instead going forward .
What Are 1, 10 & 100 Dogecoins Worth Today?
As of now, 1 DOGE is worth $0.$06277; 10 DOGEs are worth $ 062 and 100 DOGEs are worth $627 according to CoinMarketCap’s live data feed , all prices subject to change depending on current market conditions .
Disclaimers & Conclusion
The information presented does not constitute financial, investment, trading or other types of advice and is solely writer’s opinion which should be treated accordingly by readers so they can make up their own mind regarding any investments they would like to make . In conclusion , range formation in Dogecoin could offer traders shorting opportunities if consolidation continues but only if certain conditions are met such as closing above 61 %. 8% Fibonacci Retracement Level ($ 0 . 06556 ) or higher highs above $ 0 . 7333 before entering any positions either long or short .