Dogecoin Hits 3-Year Low Amid Ongoing Selling Pressure

Dogecoin (DOGE) has been under heavy selling pressure, trading below $0.0700 on Thursday. The meme coin has dropped 3% in the first week of August alone, continuing a decline that began from May highs around $0.1186.

At press time, DOGE was trading at approximately $0.0691 to $0.0698 across sources, with a market cap sitting at $10.83 billion and daily trading volume around $387 million.

The price recently touched a 3-year low near $0.067. Analyst Ash Crypto noted that this level is now acting as the key short-term support floor for DOGE.

DOGE has hit a 90% drop from its all-time high, and according to analyst Ash Crypto's chart, the monthly RSI is more oversold than at the 2022 market bottom. This could be a potential longer-term reversal or relief rally signal.