Dogecoin Enters New Trend Set To Drive Price To $0.3: Analyst

During the current surge of popularity for Dogecoin (DOGE), a cryptocurrency influenced by memes, Rekt Capital, a well-known crypto trader and analyst, has spotted a new trend that could potentially push DOGE‘s price up to $0.3 in the near future.

Dogecoin (DOGE) Inititate New Macro Uptrend

Recently, Dogecoin has shown good results, leading to excitement and predictions of further price increases. As a result, this popular meme currency, currently holding the largest market value in its category, remains a hot topic in the cryptocurrency community.

Based on Rekt Capital’s analysis, DOGE experiencing a price surge recently marked the end of its prolonged downtrend. Yet, this upward movement has initiated a new bullish trend for DOGE.

Dogecoin Enters New Trend Set To Drive Price To $0.3: Analyst

Dogecoin’s Monthly chart would regain previous backing if it managed to surpass the $0.20 resistance mark. Consequently, this could fuel a stronger push towards the $0.30 zone and potentially beyond.

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Dogecoin has broken the long-term downward trend and started a new upward trend. If the coin manages to finish the monthly chart above the red mark around $0.20, it could restore previous support levels, potentially boosting DOGE towards the $0.30 price range and beyond.

It is worth noting that it took Dogecoin less than two weeks to break out from the macro downtrend after entering the area. Rekt Capital pointed out that the crypto asset successfully retested its support after breaking its macro downtrend two weeks ago.

During this time, the analyst emphasized that DOGE was still in the process of being retested since the coin continued to drop. Additionally, the meme currency was exhibiting sideways movement within a new large range, which he referred to as “black-red,” around $0.12 and $0.20.

Before the price surge, Rekt Capital expressed confidence that DOGE was making the necessary moves to establish a larger upward trend. With the token having shattered previous resistance levels, there’s a good chance it will reach a new high during this market cycle.

Potential Catalyst For The DOGE’s Performance

Rekt Capital predicted an uptick for DOGE based on its recent surge to $0.22, a two-year high. There are whispers that this jump may have been caused by speculation that the asset could be integrated into Elon Musk’s X platform imminently.

Since the rumors emerged, Dogecoin’s price has nearly doubled within a month, indicating increased investor enthusiasm. With a market value of $31.087 billion, Dogecoin is currently the eighth largest crypto asset. This surge in value follows an impressive price rise for Dogecoin.

Currently, Dogecoin is priced around $0.21, and there has been a significant trading volume of approximately $5.157 billion within the past day. However, despite recent price fluctuations, Dogecoin remains more than 50% below its record high of $0.74 which was previously reached.

In simpler terms, the recent surge in Dogecoin’s popularity within the ever-changing world of cryptocurrencies demonstrates the market’s unpredictable nature. Moreover, this significant rise reveals that there remains a strong investor appetite for meme coins like Dogecoin in the current market scenario.

Dogecoin Enters New Trend Set To Drive Price To $0.3: Analyst

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2024-03-29 18:04