Dogecoin’s Major Downtrend Is Finally Over

According to anonymous cryptocurrency trader Rekt Capital, Dogecoin successfully broke out of its macro downtrend a few months ago and has effectively retested that downtrend in the time since. The trader further noted that Dogecoin needs this successful retest to confirm that its downtrend is truly over.

Dogecoin has been performing particularly well recently, rising 16% in the past week, a gain that outpaces the broader cryptocurrency market. Additionally, earlier today,

Approximately $10.8 million worth of Dogecoin on the Robinhood platform was transferred to an unknown wallet address. However, this large-scale transfer did not have a significant impact on the price of Dogecoin.

At press time, Dogecoin, the leading meme cryptocurrency, was up 1.3% in the past 24 hours and was trading at $0.14. According to U.Today, Dogecoin’s market capitalization has recently managed to surpass the $20 billion mark, while other meme coins, such as dogwifhat (WIF), have also experienced significant gains.

Additionally, rumors of Elon Musk’s upcoming appearance at the Nashville Bitcoin Conference could provide another bullish catalyst for Dogecoin. Musk has long been regarded as one of Dogecoin’s most ardent supporters, although the likelihood of him talking about Dogecoin at such a gathering of Bitcoin extremists may be slim.

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