DOGE Rebounds After Retesting a Breakout to Confirm Macro Uptrend

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Coinedition2024/03/26 11:22

By:Ikemefula Aruogu

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 upside

Not 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 .

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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