Dogecoin Technical Indicator Falls To 13-Year Low: What Is Going On?

Dogecoin has fallen to its lowest monthly relative strength index reading amid analysts pointing to a .What a Falling RSI ImpliesOn Oct.1, crypto analyst Cryptollica noted that Dogecoin’s monthly RSI has dropped to the lowest level in its entire 13-year history.It has fallen below readings seen around the 2015, 2020 and 2022 cycle bottoms.The analyst called the historically depressed momentum reading a “maximum opportunity,” suggesting DOGE may be approaching an important long-term inflection point.The signal does not guarantee an immediate reversal but comes as traders look for signs that Dogecoin’s prolonged correction is nearing exhaustion.Could DOGE Spike Above $5?Reacting to Kalshi Crypto launching DOGE perpetuals for U.S. traders, Trader Kaleo said Dogecoin’s long-awaited run to $1 “won’t be a meme” in the next bull run.Crypto analyst Davie Satoshi said Dogecoin’s Elliott Wave structure going back to 2014 suggests the meme coin is deep in Major Wave 4, with a final Major Wave 5 potentially still ahead.Satoshi stressed that the setup does not imply DOGE will “suddenly go vertical tomorrow,” but said the long-term chart structure points to substantial upside if the count plays out.On his logarithmic chart, a full Wave 5 could potentially take Dogecoin above $5.He added that Wave 5 has often been among the most explosive stages of crypto market cycles, as FOMO, speculation and euphoria accelerate.The bullish long-term technical outlook comes as the Dogecoin ecosystem pushes to expand the token’s utility.DogeOS recently , giving developers an EVM-compatible environment to build applications spanning finance, gaming and commerce around DOGE.Image: Shutterstock