Dogecoin (DOGE) has been rising significantly in value, with its latest figures showing a noticeable jump. At writing time, Dogecoin is valued at $0.149884 and it has significant 24 hour volume of trade worth $6.06 billion and a market capitalization figure of $21.52 billion respectively. DOGE has gained by an impressive 16.51% in the past day, though its performance for last week indicated a decrease of 19%.
Crypto analyst Rekt Capital has provided a detailed analysis of Dogecoin’s (DOGE) behavior, expressing that the cryptocurrency recently hit and found support at the macro downtrend line. This implies one important thing about technical analysis: it shows a successful retest of an important level.
Regarding market dynamics, such ongoing successful retests of key support levels often signal impending continuation. Therefore, Dogecoin may be ready for more movement, which aligns with its established trend. By again backing up the macro downtrend line as a support level, Dogecoin exhibits resilience and strength in its market structure.
This analysis shows that investors and traders need to be on the lookout for what happens next with Dogecoin’s price action after this retest.” “If the cryptocurrency can hold on to this new ground and show some upward movement, then this might signal about possible extension of bullish trend also in future.” However, if it fails to maintain this support level any longer, it will bring more downward pressure and change the general market sentiment.
Analyzing Dogecoin Historical Trends
Furthermore, another prominent crypto analyst, Yomi, has shared additional insights on Dogecoin through an X post. Yomi notes that Dogecoin’s behavior continues to align closely with its macro outlook. Despite expectations of some deviation from the predicted trajectory, Dogecoin has adhered remarkably well, even accurately reflecting the anticipated 40% drop.
Yomi emphasizes that Dogecoin’s current weekly outlook resembles previous cycles, indicating a potential for significant upward movement in the coming weeks if historical patterns persist. Completing the predicted 40% correction aligns with Yomi’s earlier forecast, suggesting that Dogecoin may be poised to enter a new phase of upward momentum, potentially surpassing previous highs.
To illustrate the striking similarities between the current cycle and the previous one, Yomi provides an updated overlay of the two cycles. The resemblance between the patterns is described as “scary similar,” evoking comparisons to the 4-year cycles observed in Bitcoin.
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