Coin Edition -
- Rekt Capital has confirmed a new Macro Uptrend on DOGE.
- According to the analyst, DOGE broke out of a bull flag to confirm uptrend continuation.
- The current rally could see DOGE climb as high as $0.33825 in the future.
Rekt Capital, a renowned crypto analyst on X, has confirmed a new Macro Uptrend on DOGE, the memecoin of the Dogecoin blockchain protocol. According to Rekt Capital, DOGE is breaking out of a bull flag to confirm further trend continuation. That is happening after the memecoin confirmed a Macro Uptrend.
$DOGE Fantastic retest of the Macro Downtrend precedes a +45% breakout rally to the upsideNot only has Dogecoin confirmed a new Macro Uptrend…But Dogecoin is in the process of breaking out from a Bull Flag to confirm further trend continuation#DOGE #Crypto #Dogecoin https://t.co/42GAr8HP0W pic.twitter.com/L9PFximdMk— Rekt Capital (@rektcapital) March 25, 2024
Using the weekly DOGE/USDT chart, Rekt Capital showed how DOGE retested the Macro Downtrend ahead of a 45% breakout rally to the upside. He revealed how the memecoin pulled back from a recent surge to $0.20626, dropping to the $0.12650 region before rebounding.
The recent DOGE rebound reflects a continuation of the rally from October 2023, with the bullish breakout confirmed in February this year. Rekt Capital’s analysis showed that DOGE broke above a micro bullish flag around November 2023 and retested the breakout region before continuing upwards.
From the recent price action, DOGE is displaying similar bullish flag breakout behavior, but in a more pronounced way. The memecoin broke above a macro bullish flag, initiating a pullback to retest the breakout region before continuing upward. Such behavior is consistent with classic uptrends in a bullish market.
Notably, Rekt Capital spotted the recent DOGE rebound nearly 10 days ago and predicted that a successful retest would precede an uptrend continuation for Dogecoin. With the retest confirmed, DOGE is heading back toward the recent high of around $0.20626. Breaking above that level could see the memecoin target the next resistance at $0.27817, with a potential push to $0.33825.DOGE traded for $0.1807 at the time of writing, according to data from TradingView.
The post DOGE Rebounds After Retesting a Breakout to Confirm Macro Uptrend appeared first on Coin Edition.