Dogecoin (DOGE) appears poised for further gains after successfully confirming a significant technical breakout. According to respected analyst Rekt Capital, DOGE has made all the right moves to signal that a new uptrend is underway. With the memecoin breaking out of its year-long descending channel, the path of least resistance seems to be sharply higher.
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The Momentum Builds
Rekt Capital highlights how DOGE staged an important retest of former channel resistance as new support just below $0.07. This successful retest helps validate the breakout’s legitimacy and indicates traders still have an appetite to buy DOGE on dips even after the initial surge higher. With support and bullish momentum reaffirmed, DOGE has a green light for continued advances
By decisively breaching the downtrend channel that has contained its price all year, DOGE appears poised to embark on a new bullish impulse wave. With the first target in sight around $0.10 – which aligns with the top of the breached channel – DOGE could appreciate nearly 50% from the breakout point in fairly short order.
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Memecoin Leadership Emerging
Interestingly, DOGE is not the only memecoin showing signs of life recently. The renewed interest in Shiba Inu and revival across the broader memecoin sector could provide a rising tide to lift DOGE higher. As the original memecoin with the most institutional adoption, DOGE may be reasserting leadership just as the niche comes back into focus.
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