Dogecoin Indicators Flash Oversold Conditions: Is It Time To Accumulate?

Dogecoin's DOGE/USD recent correction has led traders to call the current price a prime accumulation zone, citing multiple oversold indicators and key technical support levels.

What Happened: Crypto trader Kevin pointed out that Dogecoin's weekly RSI is at the same level as October 2023 when DOGE was trading at $0.10.

He highlighted that the price is currently sitting at a key trendline from 2023 and resting at the macro 0.5 Fibonacci retracement level of $0.19, saying, "not a bad spot to start."

Several oversold signals suggest this could be an ideal accumulation zone, provided proper risk management is applied.

Trader Tardigrade sees DOGE forming an ascending broadening wedge, which could act as a base for its next breakout. Another crypto analyst, Javon Marks, is even more bullish, predicting DOGE is on track for new all-time highs above $0.73905, a potential 261% surge from current levels.

Also Read: Dogecoin, Shiba Inu Down 10% In 24 Hours: What’s Happening?

Why It Matters: Crypto analyst Ali Martinez shared Glassnode data showing Dogecoin addresses have hit a new all-time high of 83.48 million. Despite recent price dips, network adoption continues to grow, a positive long-term signal.

Polymarket data shows the probability of a Dogecoin ETF approval in 2025 jumped from 55% (March 3) to 66% (March 5). This follows NYSE Arca's 19b-4 application seeking approval to list shares of a Dogecoin ETF proposed by Bitwise Asset Management.

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• Dogecoin Primed For Upside Breakout, Says Analyst As Bitwise’s ETF Application Moves Forward

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