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.”
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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.
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