Dogecoin dropped to its lowest level since autumn 2023, trading below $0.07 with a market capitalization of about $10.8 billion. Analysts point to an oversold monthly RSI reading and a 16% jump in weekly active addresses as signs the meme coin's slide may be nearing exhaustion.
Dogecoin has underperformed both Bitcoin (BTC) and Ethereum (ETH) on a monthly scale, and the meme coin collapsed to its lowest level since the autumn of 2023 before recovering a portion of the losses. Even so, optimism among analysts is running high, with many expecting a strong rebound in the short term.
DOGE trades below $0.07, with a market capitalization of around $10.8 billion that keeps it the 10th-biggest cryptocurrency. According to analyst Ash Crypto, the token has plunged to a three-year low of roughly $0.067 and is down 90% from its all-time high.
Oversold RSI Signals a Possible Bottom
Ash Crypto also told followers that DOGE's monthly Relative Strength Index has reached its most oversold level since the 2022 market bottom. Such extreme readings are typically read as a bullish signal, pointing to seller exhaustion and a downtrend that may be losing strength, while overbought territory instead warns of a possible correction.
Analyst MikybullCrypto argued the current level marks a turning point: "You don't remain bearish at this current macro support level."
On-Chain Activity Points to Returning Bulls
Adding to the bullish case, analyst Ali Martinez revealed that weekly active DOGE addresses have jumped 16%, climbing from around 38,000 toward the end of July to roughly 44,000 now. Rising active addresses are often read as a leading indicator of improving network usage, and the increase suggests more users are returning to the Dogecoin ecosystem, which can strengthen momentum and support a potential upward move.
Still, Coinpedia cautioned that the uptick alone does not confirm a trend reversal, noting the broader trend remains cautious.
Key Price Levels to Watch
Dogecoin still trades inside a descending channel that has controlled price action for months, with buyers defending the $0.067-$0.068 demand zone. The immediate resistance sits near $0.075, but the decisive level remains around $0.083, where the channel's upper boundary meets prior horizontal resistance.
A daily close above that region would invalidate the downtrend and could open the way toward $0.09 and then the psychological $0.10 level. Losing the $0.067 support, on the other hand, would weaken the recovery case and expose DOGE to another test of its recent lows.
Sources: CryptoPotato, Coinpedia
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