After the impressive price surge in July, Dogecoin has slowed down, similar to the rest of the market. With this move, the bears seem to have regained control once again, pushing Dogecoin into a deeper decline after successfully taking profits at the $0.2 level. However, the current downtrend still seems insignificant compared to the prevailing optimistic sentiment among investors, with expectations that this correction will only be temporary.

Dogecoin Still Shows Signs of Bullishness

According to analysis shared by cryptocurrency analyst KrissPax, Dogecoin's price may be declining, but it is not yet the end of the opportunity. This is because this meme coin is currently in a phase of forming an uptrend as the price drops to retest levels that once led to a strong price increase in the past.

The cryptocurrency analyst points out that Dogecoin's price is expected to drop below 30 on the 4-hour RSI chart again, and historically, such declines often lead to recoveries. The last time the RSI fell below 30 on the 4-hour chart was in June 2025, and it subsequently recovered over 70% in the following month.

Based on this historical performance, the Dogecoin RSI dropping below 30 again could record similar performance. The only difference this time is that the prices are at different levels, indicating a significant difference in the peak position of the uptrend.

The last time the RSI was this low, the price was trading at $0.14. This time, the analyst explains that Dogecoin being at $0.2 means there is a higher low. The positive aspect of forming higher lows is that they often lead to higher highs.

In the event that the price increases by another 70% from the current level, Dogecoin could rise to $0.34 before losing momentum. However, this price is still 50% lower than the all-time high of $0.74, which was reached in 2021 and remains the peak of this meme coin.

Regarding the performance of this altcoin this month, after ending July with a 27.1% increase, Dogecoin has started to return some profits to the market. Data from CryptoRank shows that this cryptocurrency has decreased by 5.31% this month and is continuing to rise.

This is not unusual, as August is typically one of Dogecoin's strongest bearish months. In fact, if this trend continues, DOGE investors may see an average decline of -10% this month and close in the red.