Dogecoin Trapped in Tight Range as Longs Absorb Liquidation Pain

Dogecoin is currently trapped in a tight range between $0.0696 and $0.07933 on its 4-hour chart, while its daily structure still points towards a potential breakdown.

The cryptocurrency has been experiencing a sharp decline over the past few weeks, with its daily RSI near 41 and moving average near 38 sitting below the neutral 50 line.

According to Coinglass Liquidation data, long positions accounted for $1.19M of the $1.59M wiped out over the past day, versus $393.80K on the short side.

The 4-hour chart shows a symmetrical triangle forming, with resistance at $0.07576 and $0.07933 on the upper side and support at $0.07185 and $0.0696 on the lower side.