Dogecoin’s RSI dropped below 30 on June 21, signaling oversold conditions but lacking any volume-driven support.
The price fell to $0.1549 with no bullish divergence, and technical indicators continue to reflect bearish sentiment.
DOGE has lost over 40% from early June highs, with failed support levels and no signs of trend reversal so far.
Dogecoin has officially entered oversold territory, with its daily Relative Strength Index (RSI) falling to 29.36 as of June 21. This technical indicator is mostly a clue to the undervaluation of an asset. Traditionally, short-term rallies have been caused by such conditions. Nevertheless, DOGE has not exhibited any bullish activity this month.
The current price of Dogecoin is 0.1549, and it is at the day's low. It does not suggest the reversal of the current price move. At the beginning of March, when the RSI dropped in a similar pattern, it caused an 18% jump. The rally coincided with the expansion of the volume and divergence of RSI. Such supporting signals are quite conspicuously lacking at this point.
Trading volume has shown no significant changes, which reduces the likelihood of a strong upside move.
DOGE has declined over 40% since early June after reaching a local high above $0.26. Every recent attempt to stabilize at support levels has failed, leading to further breakdowns. There has been no formation of consolidation candles, nor has there been a bullish RSI crossover to suggest reversal pressure is building.
Market Sentiment Shows Little Shift
Even though DOGE’s RSI signals an oversold condition, investor sentiment has remained largely unchanged. Unlike previous recovery attempts, the current market environment lacks the volume and structural support needed to initiate a bounce. The absence of any significant technical trigger continues to weigh down buying interest.
Earlier in the year, a similar RSI dip came at a time when DOGE had already found a price bottom around $0.12. That move was backed by strong volume and RSI divergence. At present, the price is still in decline, and none of those reversal conditions are developing.
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