Dogecoin Enters New Trend Set To Drive Price To $0.3: Analyst
2024年3月30日 - 12:00AM
NEWSBTC
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. Related Reading: Dogecoin Jumps 37% –
How High Can DOGE Go This April? 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. The post read: 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.
Related Reading: Dogecoin Soars 17% To Break $0.21 As Volume
Explodes 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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