A notable retest of the macro downtrend has been noticed on DOGE/USDT chart. Crypto analyst Rekt Capital (@rektcapital) have spotlighted Dogecoin’s (DOGE) market describing the breakout rally, surging over 45%. This event not only signals a potential new macro uptrend for Dogecoin but also indicates a possible continuation of this trend following a Bull Flag breakout.
Moreover, the technical analysis provided delves into various key price levels that Dogecoin might encounter as resistance zones. These are crucial since they mark previous significant transaction points. The highest noted resistance stands at approximately $0.33825. Below this, additional levels sit at $0.27817 and $0.20626, among others. These points have historical significance, likely representing past buyer and seller clashes.
The breach of the descending trend line, marking a prolonged bearish momentum denotes a potential shift in market dynamics. The chart Rekt Capital presents features this line prominently, stretching across several peaks before the breakout. The bullish maneuver is circled, highlighting its importance. It may suggest growing buying interest and a change in investor sentiment towards Dogecoin.
Additionally, the chart showcases weekly candlesticks to represent price movements. Recent candles exhibit significant green hues, indicating strong bullish momentum. The annotations, including arrows and circles, serve to underscore key market actions and analyst expectations for Dogecoin’s path forward.
However, as per the latest updates from CoinMarketCap, Dogecoin trades at $0.180726, marking a 4.30% increase in the last 24 hours at the time of press. Despite this uptick, it remains below the identified resistance levels.
Consequently, this breakout and the accompanying bullish indicators could set the stage for further gains. Market participants are now eyeing these resistance zones as potential hurdles that, if surpassed, may catalyze further upward movements for Dogecoin.
