In a recent review, cryptocurrency analysts Rekt Capital provided an in-depth review of Dogecoin’s (DOGE) recent price action. The core focus of their analysis revolves around DOGE’s efforts to establish $0.20 as a solid support level, following a promising monthly close above that level in March.
Despite initial expectations, DOGE’s downward volatility has been greater than previously estimated. Rekt Capital highlighted a sharp decline that brought DOGE dangerously close to revisiting the $0.12 range low, breaking out of the previously observed $0.12 to $0.20 range. This downward momentum also coincided with a retest of the macro downtrend, which has now turned into a key support level, marking DOGE’s confirmation of its new macro uptrend.
Looking ahead, Rekt Capital observes that DOGE has a chance to secure a monthly close above $0.20. However, if this milestone is not achieved, DOGE may be confined to the $0.12-0.20 range until a breakout occurs.
Of particular importance is the convergence of the $0.12 range low and the macro downtrend, which now acts as key support for DOGE’s upward trajectory. Rekt Capital highlights DOGE’s successful retests of this key area so far.
Currently, Dogecoin is trading at $0.1516, indicating a small decline over the past 24 hours. Rekt Capital’s analysis highlights the critical nature of DOGE’s re-evaluation of the $0.20 level, the strengthening of $0.12 support, and the macro downtrend. The maintenance of this support will determine DOGE’s future macro uptrend trajectory.
