To say that Dogecoin (DOGE) – the top memecoin by reported market cap – is having an underwhelming 2026 would be an understatement. The digital currency is currently down more than 90 percent from its all-time high (ATH) of $0.73 recorded in May 2021, and is showing no signs of reversing course.
DOGE continues to struggle with low RSI
In an X post on Wednesday, crypto trader Ash Crypto remarked that DOGE is now at its most oversold level ever. Currently trading at $0.070, DOGE is down 90.4 percent from its ATH. Earlier this week, the token also hit its 3-year low of $0.067.
The trader also emphasized that DOGE’s monthly relative strength index (RSI) is now more oversold than the 2022 market bottom. At the time, the top memecoin was marred by the collapse of now-defunct crypto exchange FTX.
For the uninitiated, RSI is a momentum indicator that measures the speed and magnitude of recent price movements on a scale from 0 to 100, helping identify whether an asset may be overbought or oversold.
Generally, an RSI above 70 suggests strong buying momentum that may be overheating, while an RSI below 30 indicates weak momentum and potentially oversold conditions, though neither guarantees a price reversal.
Fellow crypto analyst Milkybullcrypto shared similar sentiments as Ash Crypto. However, they added that it wouldn’t be prudent to remain bearish when DOGE is trading at such a macro support level.
Seasoned crypto analyst Ali Martinez, in his analysis, said that DOGE is “waking up.” In an X post, the analyst stated that the weekly active DOGE addresses have surged by 16 percent – from 38,000 to 44,000, indicating a sharp increase in on-chain activity.
A rise in on-chain activity is typically perceived as a leading indicator that could translate into positive price action for the related digital asset. However, it is not a guarantee.
DOGE just needs some momentum
Despite flashing several powerful bullish signs, DOGE is unable to enjoy any sort of bullish momentum. Notably, the resistance at $0.0728 price level is acting as a major barrier, keeping DOGE low.
That being said, all is not quite lost. On June 11, on-chain data showed that DOGE whales had scooped up around 200 million tokens, showing confidence in the memecoin ahead of a potential rally.
Similarly, on July 15, DOGE flashed a bullish pennant on the weekly chart, indicating that a rally may be looming in the coming months.
