Dogecoin Crashes 90% from Peak, Reaches Three-Year Low Amid Oversold Conditions

Dogecoin's price has plummeted by nearly 90% from its peak, reaching a three-year low of $0.067 after a steep decline in recent weeks.

Analyst Ash Crypto notes that DOGE is now trading at its most oversold level in history, with the token's monthly Relative Strength Index (RSI) falling below levels recorded during the 2022 crypto market bottom.

Despite the downturn, some analysts believe DOGE could offer an attractive entry point if buyers begin returning to the market. Analyst MikybullCrypto suggests that traders should be cautious about maintaining a bearish outlook while Dogecoin sits near a major macro support zone.

On-chain data indicates that activity around the network may be improving, with weekly active Dogecoin addresses climbing 16% over the past week, increasing from about 38,000 to 44,000.