Top crypto analyst, Rekt Capital, issued an alert for Dogecoin (DOGE) traders as the memecoin made a swift move upward. In his tweet, the analyst observed DOGE’s rapid gain following a successful retest of a key support level, sparking interest in its next price target.
Dogecoin recently bounced off a key support level at $0.14, identified as the “red level” by Rekt Capital. This area, previously acting as resistance, has turned into a robust support floor, supporting DOGE’s quick upward trajectory.
According to the analysis, holding above $0.14 will be essential for DOGE’s continued bullish trend, potentially setting the stage for a sustained rally.
Within hours of this support confirmation, DOGE surged toward $0.16, marking a 16% increase. This rapid advance highlights a positive sentiment shift among traders, who eye higher levels as long as the price remains above this pivotal support zone.
What you'll learn 👉
Next Resistance at $0.16460
Wit DOGE approaching the $0.16460 resistance level, Rekt Capital suggests that breaking and consolidating above this threshold could further fuel the bullish outlook. The chart marks this blue level as an immediate resistance, signaling it as a hurdle in the near term.
If DOGE achieves a clear breakout, this move could pave the way for Dogecoin’s next upward target. Failure to break through may prompt consolidation or a brief pullback, offering an opportunity for DOGE to gather momentum before another upward push.
Long-Term Target at $0.20745
A more ambitious price target emerges near $0.20745, marked on the DOGE chart as the upper black line. This level represents both a technical and psychological barrier, aligning with the $0.20 price level.
If Dogecoin’s bullish momentum continues, this resistance may come into play, potentially attracting selling pressure as traders aim to capitalize on the uptrend.
Reaching this level would signal a return to DOGE’s higher price ranges, offering a promising outlook for the meme coin’s performance in the coming weeks. Breaking past this zone would be a substantial achievement, attracting increased trading volume and interest.
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Market Outlook and Recent Price Data
Per CoinGecko data, Dogecoin trades at $0.164 with a 13.54% gain over the past day and a 12.68% increase over the past week. This upward trend mirrors Rekt Capital’s analysis, highlighting strong support and resistance levels as DOGE navigates around the $0.14 and $0.20 levels.
With the market’s renewed interest in DOGE’s price action, these levels remain critical indicators for the coin’s trajectory. Whether DOGE can secure its path toward the $0.20 mark or experiences temporary pullbacks, the upcoming days may offer a clearer picture of Dogecoin’s long-term outlook.
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