The writer's opinion is presented and it is not financial, investment, trading, or other types of advice. DOGE has been trading within a compact price range for the past three weeks, but a range breakout seems likely with Bitcoin experiencing a price correction.

The market structure for DOGE has been bearish since early April and a successful bearish breakout could see bears target the October 2022 low of $0.0582. Open Interest and the Spot Cumulative Volume Delta suggest a bearish sentiment in the market.