Dogecoin hits three-year low amid 90% decline from record high

Dogecoin (DOGE) is experiencing significant downward pressure, trading near a three-year low of approximately $0.0670. The token has declined roughly 90% from its previous record high, a downtrend that began from May peaks near $0.1186.

Technical indicators present a mixed outlook. On one hand, the monthly Relative Strength Index (RSI) has reached historically oversold levels, dipping lower than during the 2022 market bottom, which some analysts suggest could attract buyers seeking a rebound. On the other hand, the price remains below several major moving averages, including the 50-day, 100-day, and 200-day Exponential Moving Averages (EMA).

Recent price action has also indicated potential