Dogecoin has recently undergone a price correction, leading traders to consider the current levels as a potential accumulation zone. This perspective is supported by several oversold indicators and significant technical support.

The weekly Relative Strength Index (RSI) for Dogecoin is currently at a level similar to that of October 2023, when the cryptocurrency was priced at $0.10. Analysts highlight that the price is at a crucial trendline and the macro 0.5 Fibonacci retracement level of $0.19, suggesting it may be a favorable time for investment.

In addition, the number of Dogecoin addresses has reached a record high of 83.48 million, indicating ongoing network adoption despite recent price drops. This increase is viewed as a positive long-term indicator for the cryptocurrency. Furthermore, the likelihood of a Dogecoin ETF approval in 2025 has risen from 55% to 66%, following a recent application by NYSE Arca to list shares of a proposed Dogecoin ETF by Bitwise Asset Management.

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