Dogecoin
Dogecoin enters extreme oversold territory, traders split on direction
DOGE has fallen to one of its lowest RSI readings on record, down 10% in a month and 90% from its all-time high, leaving the market divided between those seeing a bottom and those predicting further losses.
Dogecoin's latest decline has pushed it through a key support band of $0.08 to $0.07 for the first time since late 2023 and early 2024, leaving many long-term holders underwater. The token's Relative Strength Index has dropped below levels seen during the 2022 bear market, signalling extreme oversold conditions. The broader memecoin sector has shed over $2 billion in market capitalisation alongside DOGE's weakness.
The selloff has created a sharp analytical divide. Bulls point to DOGE's historically extreme RSI readings as a hallmark of major market bottoms, arguing the current pullback represents a significant buying opportunity. Some analysts invoke the prospect of a recovery toward $1. Bears counter that the breakdown below the key support zone signals the correction is far from over, and view any bounce as an exit opportunity.
On-chain data offers a potential clue to market direction. Weekly active DOGE addresses jumped 16%, rising from 38,000 to 44,000, suggesting renewed network activity despite falling prices. According to the piece, such increases in address activity during heavy selling phases have historically preceded major reversals. With sentiment sharply divided, DOGE now sits at a point where movement in either direction could trigger significant liquidations and influence the broader memecoin market for the rest of the quarter.
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