Bitwise Dogecoin Getting Very Oversold
In trading on Tuesday, shares of the Bitwise Dogecoin ETF (Symbol: BWOW) entered into oversold territory, changing hands as low as $13.03 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30.
In the case of Bitwise Dogecoin, the RSI reading has hit 28.6 — by comparison, the RSI reading for the S&P 500 is currently 45.9. A bullish investor could look at BWOW's 28.6 reading as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side.
Looking at a chart of one year performance (below), BWOW's low point in its 52 week range is $13.03 per share, with $25.685 as the 52 week high point — that compares with a last trade of $13.07. Bitwise Dogecoin shares are currently trading down about 3.7% on the day.
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