Dogecoin gained over 29% in the past week, reaching $0.0708, making it one of the top-performing coins in the top 10 by market capitalization.
DOGE’s recent price spikes have raised questions about its sustainability, with prominent analyst Rekt Capital calling it a “moment of truth.”
Rekt Capital highlighted FOMO-driven wicks in the DOGE chart, suggesting the possibility of more capital inflows in the near future.
Dogecoin (DOGE) has seen substantial gains over the past week, rallying over 29% as some alternative cryptocurrencies begin paring their recent increases. As of writing, Dogecoin is up 5.7% to $0.0708, solidifying its position as one of the top-performing coins among the top 10 by market capitalization.
There has been some doubt about the ability of DOGE bulls to maintain this uptrend. However, according to prominent analyst Rekt Capital, the recent price spikes signal a “moment of truth” for the meme-inspired cryptocurrency.
$DOGE has rallied +29% since the Channel BottomChallenging for a breakout past the Channel TopMoment of truth for #DOGEFOMO wicks have happenedSo Weekly Close above the Channel Top would be a great contributing sign towards performing a breakout#BTC #Crypto #Dogecoin https://t.co/iMcol4PWzs pic.twitter.com/CqhUfMHofw
— Rekt Capital (@rektcapital) October 26, 2023
Rekt Capital highlights FOMO in Dogecoin chart
In a tweet, Rekt Capital pointed to the FOMO-driven wicks in the DOGE chart, implying more capital inflows could arrive in coming days.
Additionally, the analyst noted that a weekly close above the $0.07163 level would provide a strong sign of a major breakout ahead for Dogecoin.
Notably, this latest DOGE rally has occurred without influence from Tesla CEO Elon Musk, the coin’s most vocal supporter. Instead, buyers seem to be enticed by the broader cryptocurrency market recovery that has ignited enthusiasm after an extended bearish period.
Previous drawdowns and underperformance also appear to have prprovided aufficient boost for investors to take new positions in Dogecoin. The meme coin had traded mostly sideways for much of 2022. Now, buyers seem ready to make Dogecoin a standout once again among alternative cryptos.
Sustaining the upside momentum will be key for DOGE to confirm a true trend change. But its recent break from its stagnant trading range shows the Dogecoin army has not given up yet.
