Dogecoin’s (DOGE) Key Retest: Can the Meme Coin Bounce Back to this Critical Level Amid Price Dip? Pay Attention to These Metrics
In his newsletter, crypto analyst Rekt Capital provided an in-depth analysis of Dogecoin’s (DOGE) price action. According to Rekt Capital, the goal for DOGE is to retest the $0.20 level as new support. This comes after DOGE had a positive monthly close above $0.20 in March.
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Downside Volatility Exceeds Expectations
Rekt Capital acknowledged the scope for downside volatility as part of the retracement. However, DOGE retraced even deeper than the similar retrace in mid-2021, indicated by the green circle in the chart analysis. Significantly, DOGE dropped closer to the $0.12 range low, breaching the $0.12-$0.20 range despite briefly breaking out from it.
Moreover, this downside volatility brought DOGE close to retesting the macro downtrend it broke out from last month. Consequently, an old multi-year resistance has turned into new multi-year support. Rekt Capital stated, “Essentially, in performing this retest, DOGE has fully confirmed its new Macro Uptrend.”
Opportunity for Monthly Close Above $0.20
Although there is still time left in the current monthly candle, Rekt Capital noted that DOGE could recover and close April above $0.20. However, if this does not occur, DOGE will likely continue trading between the $0.12-$0.20 range until it breaks out again.
Rekt Capital emphasized the confluence of the $0.12 range low and the macro downtrend as crucial support for DOGE’s new macro uptrend. According to the analyst, “DOGE is successful in retesting this area thus far.”
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Show more +Current Price Action
As per data from CoinGecko at the time of writing, the price of Dogecoin (DOGE) is $0.1516, representing a 2.40% price decline in the last 24 hours.
Rekt Capital’s analysis highlights the importance of DOGE’s retest of the $0.20 level and the confluent support at $0.12 and the macro downtrend. The ability of DOGE to hold this support will be crucial for its new macro uptrend.
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