Amid the recent momentum displayed by the meme-inspired cryptocurrency Dogecoin (DOGE), Rekt Capital, a crypto trader and analyst, has identified a new trend that could propel DOGE’s price to the $0.3 price mark in the short term.
Dogecoin (DOGE) Inititate New Macro Uptrend
Over the past few weeks, Dogecoin has been performing fairly well, triggering optimism and expectations for more price growth. Due to this, the top meme currency in the world in terms of overall market valuation has always generated discussion within the sector.
DOGE’s recent spike in price resulted in the conclusion of its Macro Downtrend, according to Rekt Capital. However, the breakout has triggered DOGE into a new Macro Uptrend on the upside.
Additionally, DOGE Monthly would recapture historical support if it closed above the red $0.20 price level. As a result, it would provide more momentum for a move towards the $0.30 range and even further.
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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 historical support that could offer further fuel for a move towards the $0.30+ area.
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 period, the analyst underscored DOGE was still in the retest phase because the coin was still declining. Furthermore, the meme coin was moving sideways within a new macro range he dubbed black-red, around $0.12 and $0.20.
Prior to the breakout, Rekt Capital stated that DOGE is taking all the appropriate steps to validate its new macro uptrend. Given that the token has broken through strong resistances, it could be headed for a new peak in this cycle.
Potential Catalyst For The DOGE’s Performance
Rekt Capital’s forecast came in light of DOGE witnessing a significant increase to $0.22, its highest level in the past 2 years. It is believed that the upswing was triggered by rumors that the asset could be incorporated into Elon Musk‘s X platform very soon.
Ever since the rumors developed, Dogecoin’s price has doubled in less than a month, suggesting interest growth from investors. Dogecoin is currently the eighth-largest crypto asset by market value, with a market cap of $31.087 billion, following its remarkable price explosion.
Presently, Dogecoin is trading at about $0.21, with a notable $5.157 billion trading volume in the past day. Despite the recent price development, DOGE is still more than 50% down from its all-time high of $0.74.
The resurgence of Dogecoin in the rapidly evolving cryptocurrency space is indicative of the dynamics of the market. This huge increase also reflects the general state of the market, showing investors’ ongoing interest in meme coins today.
Featured image from iStock, chart from Tradingview.com
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