Prominent crypto analyst Rekt Capital is closely monitoring a key price level for Dogecoin (DOGE) that could pave the way for a massive 50% upswing if reclaimed as support. According to Rekt Capital’s analysis, Dogecoin has emerged from a prolonged downtrend and initiated a new macro uptrend.
The analyst highlights that if DOGE manages to close above the $0.20 level by the end of this month, it would represent a significant reclamation of a historical support zone. Such a move could provide the catalyst for further gains towards the $0.30 region, translating to an approximate 50% increase from the current levels.
For the uninitiated, a “macro uptrend” refers to a broader, long-term bullish trend that supersedes shorter-term fluctuations. Conversely, a “macro downtrend” signifies a sustained bearish trajectory over an extended period.
In a series of tweets, Rekt Capital emphasized the importance of this month’s monthly candle close, stating:
“$DOGE Dogecoin has ended its Macro Downtrend And begun a new Macro Uptrend And if DOGE Monthly Closes above the red ~$0.20 level… It would reclaim a historical support that could offer further fuel for a move towards the ~$0.30+ area.”
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +With only a couple of days remaining until the end of the month, the analyst reiterated the significance of this pivotal moment, questioning whether Dogecoin will indeed reclaim the $0.20 level and confirm further upside potential towards the $0.30 range.
Dogecoin, initially launched as a satirical take on the cryptocurrency craze, has garnered a dedicated following and achieved remarkable success, often defying conventional market expectations. Traders and analysts alike will closely monitor Dogecoin’s price action, particularly its performance during this month’s closing period.
You may also be interested in:
- Price Pattern That Triggered the Last 200x Move for Dogecoin (DOGE) Re-emerges; Here’s the Potential Target
- Chainlink Continues Uptrend with Bullish Forecasts and Mixed Signals Amid RWAs Expansion: How High Can LINK Go?
- From Playful to Profitable Dogecoin (DOGE) and Shiba Inu (SHIB) Investors Pounce on Koala Coin (KLC) Opportunities
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
