Dogecoin Confirms New Macro Uptrend After Retest: Can DOGE Hit $0.2?
Dogecoin (DOGE) has recently confirmed a new macro uptrend. This is after successfully retesting a crucial confluence of support levels, according to a technical analysis by analyst Rekt Capital. This development could signal a potential shift in the cryptocurrency’s long-term price trajectory. Last week, Rekt Capital highlighted that DOGE was in the process of retesting two key support levels simultaneously: the Macro Downtrend and the black Range Low at $0.12. This confluence of support levels was considered a critical area for the cryptocurrency,. This is because a successful retest could pave the way for a potential trend reversal. Following the successful retest of the macro-downtrend and range-low support levels, DOGE has experienced a substantial price surge, gaining nearly 23% in value. The confirmation of a new macro-uptrend is a notable development for DOGE. This suggests that the cryptocurrency may have entered a new phase of its market cycle.
However, it is important to note that DOGE is still down 26% over the last 30 days, indicating that the cryptocurrency is not entirely out of the woods just yet. Nevertheless, the confirmation of a new macro-uptrend and the 102.7% year-over-year growth suggest that Dogecoin may be poised for further price appreciation in the coming months.