Rekt Capital, a respected crypto analyst, has identified a bullish trend reversal for Dogecoin (DOGE). After confirming a macro uptrend, DOGE broke out of a bull flag, signaling a continuation of the upward trajectory. The memecoin rallied by 45%, rebounded from a recent dip, and is now exhibiting classic uptrend behavior. Rekt Capital predicts further gains, targeting potential resistance levels of $0.27817 and $0.33825.
Rekt Capital Confirms Macro Uptrend in Dogecoin, Predicting Further Price Appreciation
Cryptocurrency analyst Rekt Capital has provided a compelling analysis of Dogecoin (DOGE), confirming a bullish macro uptrend for the popular memecoin. This analysis, presented using the weekly DOGE/USDT chart, paints a positive picture for DOGE investors and enthusiasts.
Rekt Capital's analysis reveals that DOGE has broken out of a bull flag formation, indicating a strong continuation of the bullish trend. This breakout follows the memecoin's successful retest of the macro downtrend, which preceded a significant 45% rally to the upside.
The recent DOGE rebound, which began in October 2023, has gained further momentum in February 2024. Rekt Capital points to the memecoin's breakout above a micro bullish flag around November 2023, followed by a retest of this breakout region before continuing its upward trajectory.
Strikingly, DOGE is now exhibiting similar bullish flag breakout behavior, but on a more pronounced scale. The memecoin has decisively broken above a macro bullish flag, initiating a pullback to retest the breakout region before continuing its upward ascent. This behavior is highly indicative of a sustained and robust uptrend in a bullish market.
Notably, Rekt Capital accurately predicted the recent DOGE rebound nearly 10 days ago, indicating a successful retest would lead to an uptrend continuation for Dogecoin. With the retest now confirmed, DOGE is poised to climb back toward its recent high of around $0.20626.
Should DOGE break above this key resistance level, it could potentially target the next resistance at $0.27817, with a potential push to $0.33825. At the time of writing, DOGE was trading at $0.1807, as per data from TradingView.
Rekt Capital's analysis provides a comprehensive and compelling case for DOGE's bullish trajectory. The combination of technical indicators and historical price action strongly suggests that the memecoin is poised for further price appreciation in the coming weeks and months. Investors and enthusiasts alike would be wise to pay close attention to DOGE's performance and consider potential trading or investment opportunities.
