Dogecoin, the meme-inspired cryptocurrency, has seen a sharp rally over the past week, according to prominent market analyst Rekt Capital.
In a recent tweet, Rekt Capital noted that Dogecoin (DOGE) has climbed 29% from its recent channel bottom. The analyst, who has over 361,000 Twitter followers, highlighted that DOGE appears poised for a breakout past the top of its current trading channel.
“Moment of truth for DOGE,” Rekt Capital wrote. “FOMO wicks have happened. So Weekly Close above the Channel Top would be a great contributing sign towards performing a breakout.”
FOMO (fear of missing out) describes panic buying from traders afraid of being left behind during sudden price spikes. According to Rekt Capital, these FOMO-fueled “wicks” in Dogecoin’s chart signal surging interest in the asset.
If Dogecoin can close the week above its channel top, it could confirm a major breakout and rally to new highs. However, the analyst cautions there are no guarantees, stating it’s a “moment of truth” for the highly speculative cryptocurrency.
Nonetheless, Rekt Capital’s analysis suggests Dogecoin’s pump could have further to run. The digital token, which originally started as a joke, has seen its price stagnate for most of the year. A breakout could signal DOGE’s bullish momentum is returning.
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