Amid the recent momentum demonstrated by the meme-inspired cryptocurrency Dogecoin (DOGE), Rekt Capital, a crypto trader and analyst, identified a new trend that could drive DOGE price towards the $0.3 mark in the short term.
Dogecoin (DOGE) starts new macro bullish trend
In recent weeks, Dogecoin has performed quite well, generating optimism and expectations of greater price growth. Therefore, the world’s leading meme coin in terms of overall market valuation has always generated discussions in the sector.
The recent rise in DOGE price has resulted in the completion of its macro downtrend, according to Rekt Capital. However, the breakout triggered DOGE into a new positive macro bullish trend.
Furthermore, DOGE Monthly would reclaim historical support if it closes above the red $0.20 price level. As a result, it would provide more momentum for a move towards the $0.30 range and beyond.
The post said:
Dogecoin ended its macro downtrend and started a new macro uptrend. And if DOGE Monthly closes above the red ~$0.20 level, it would reclaim historical support that could offer more fuel for a move towards the $0.30+ area.
It is important to note that Dogecoin took less than two weeks to break out of the macro downtrend after entering the area. Rekt Capital pointed out that the crypto asset has successfully retested its support after breaking its macro downtrend two weeks ago.
During this period, the analyst highlighted DOGE it was still in the retest phase because the currency was still declining. Additionally, the meme coin was moving sideways within a new macro range he dubbed black-red, around $0.12 and $0.20.
Before the breakout, Rekt Capital stated that DOGE is taking all appropriate measures to validate its new macro bullish trend. Given that the token has broken through strong resistances, it could be heading towards a new peak this cycle.
Potential Catalyst for DOGE Performance
Rekt Capital’s forecast came in light of DOGE witnessing a significant rise to $0.22, its highest level in the last 2 years. The rally is believed to have been triggered by rumors that the asset could be incorporated Elon Muskfrom platform X very soon.
Since the rumors surfaced, the price of Dogecoin has doubled in less than a month, suggesting interest growth by investors. Dogecoin is currently the eighth largest crypto asset by market cap with a market cap of $31.087 billion following its notable price explosion.
Currently, Dogecoin is trading at around $0.21 with a notable trading volume of $5.157 billion in the previous day. Despite recent price developments, DOGE is still more than 50% below its all-time high of $0.74.
Dogecoin’s resurgence in the rapidly evolving cryptocurrency space is indicative of market dynamics. This huge increase also reflects the general state of the market, showing continued investor interest in meme coins today.
Featured image from iStock, chart from Tradingview.com
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