Dogecoin's Record-Low RSI Puts Market in Tug-of-War

Dogecoin has reached one of its most oversold levels on record, with its monthly RSI dropping below the levels seen during the 2022 bear market bottom. The token is now down roughly 90% from its all-time high and trading near a three-year low of $0.067.

The current market split has pushed DOGE into a critical zone. Analysts are calling its historic oversold conditions the 'biggest buying opportunity' in years, with some even forecasting a move toward $1. On the other hand, bears argue the latest breakdown marks the 'beginning of the end for the memecoin.'

However, rising network activity may be an important catalyst for DOGE's Q3 outlook. According to on-chain data, weekly active DOGE addresses jumped 16% from 38,000 to 44,000, pointing to a pickup in network activity even as price continued to weaken.