Dogecoin Crashes to 3-Year Low, Analysts Expect Big Move Up Ahead

Dogecoin (DOGE) is trading at its lowest level in three years, but analysts are optimistic about a potential rebound. The meme coin has plummeted to around $0.067, down 90% from its all-time high.

The monthly Relative Strength Index (RSI) for DOGE has reached its most oversold level since the 2022 market bottom, which is often seen as a bullish signal. Analysts like Ash Crypto and MikybullCrypto believe that this could be a turning point for the cryptocurrency.

Another positive sign is the increase in on-chain activity, with weekly active DOGE addresses jumping by 16% to around 44,000. This suggests that more users are returning to the network, which can support a potential upward move.