Dogecoin (CRYPTO: DOGE) is flashing its most oversold technical setup ever, with market participants pointing to historically weak momentum readings.

Most Oversold Levels Ever

Crypto trader Ash Crypto said DOGE has reached its “most oversold levels ever,” and its monthly RSI has fallen below levels seen during the 2022 bear market bottom.

He noted the meme coin is down about 90% from its all-time high and recently touched a three-year low of $0.067.

Ash Crypto remains curious if the setup could mark a long-term bottom for the coin.

Meanwhile, trader Crypto Scient revealed he has opened a long position in DOGE after largely avoiding altcoins in favor of Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL).

The trader cited the current chart as an attractive setup, adding that a successful move higher could signal improving conditions across the broader altcoin market.

Degen trader ChimpZoo also called DOGE one of the most asymmetric opportunities in crypto. He expects the token could bottom between $0.05 and $0.07 before potentially rebounding 2x to 3x toward the $0.20-$0.25 range in the coming months.

Altcoins Dominate Binance Volume

CryptoQuant data suggests investor positioning may already be shifting toward altcoins as they now account for more than 60% of Binance spot trading volume.

Bitcoin’s share has dropped from 40% to 22%, while Ethereum has fallen to 18%.

The analytics platform said Bitcoin spot trading activity has fallen to levels last seen during the 2023 bear market recovery, reflecting declining investor interest after weeks of range-bound price action.

It also noted that some traders appear to be rotating into altcoins, betting they can outperform Bitcoin after suffering steeper corrections.

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