Dogecoin

Rekt

Coin

<p>In his <a href="https://x.com/rektcapital/status/1780532118310752605" target="_blank" rel="noopener noreferrer nofollow">newsletter</a>, crypto analyst Rekt Capital provided an in-depth analysis of Dogecoin’s (DOGE) price action. According to Rekt Capital, the goal for DOGE is to retest the $0.20 level as new support. This comes after DOGE had a positive monthly close above $0.20 in March.</p>
<h2 class="wp-block-heading" id="strong-downside-volatility-exceeds-expectations-strong"><strong>Downside Volatility Exceeds Expectations</strong></h2>
<p>Rekt Capital acknowledged the scope for downside volatility as part of the retracement. However, DOGE retraced even deeper than the similar retrace in mid-2021, indicated by the green circle in the chart analysis. Significantly, DOGE dropped closer to the $0.12 range low, breaching the $0.12-$0.20 range despite briefly breaking out from it.</p>
<figure class="wp-block-image"><img loading="lazy" decoding="async" width="1000" height="670" src="https://captainaltcoin.com/wp-content/uploads/2024/04/image-849.png" alt="" class="wp-image-476717" srcset="https://captainaltcoin.com/wp-content/uploads/2024/04/image-849.png 1000w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-849-300x201.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-849-1024x686.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-849-767x514.png 767w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-849-1536x1029.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-849-2048x1372.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-849-224x150.png 224w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-849-100x67.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-849-522x350.png 522w, https://captainaltcoin.com/wp-content/uploads/2024/04/image-849-788x527.png 788w" sizes="(max-width: 1000px) 100vw, 1000px">
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<p>Moreover, this downside volatility brought DOGE close to retesting the macro downtrend it broke out from last month. Consequently, an old multi-year resistance has turned into new multi-year support. Rekt Capital stated, “Essentially, in performing this retest, DOGE has fully confirmed its new Macro Uptrend.”</p>
<h2 class="wp-block-heading" id="strong-opportunity-for-monthly-close-above-0-20-strong"><strong>Opportunity for Monthly Close Above $0.20</strong></h2>
<p>Although there is still time left in the current monthly candle, Rekt Capital noted that DOGE could recover and close April above $0.20. However, if this does not occur, DOGE will likely continue trading between the $0.12-$0.20 range until it breaks out again.</p>
<p>Rekt Capital emphasized the confluence of the $0.12 range low and the macro downtrend as crucial support for DOGE’s new macro uptrend. According to the analyst, “DOGE is successful in retesting this area thus far.”</p>
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<h2 class="wp-block-heading" id="strong-current-price-action-strong"><strong>Current Price Action</strong></h2>
<p>As per data from CoinGecko at the time of writing, the price of Dogecoin (DOGE) is <a href="https://www.coingecko.com/en/coins/dogecoin" target="_blank" rel="noopener noreferrer nofollow">$0.1516</a>, representing a 2.40% price decline in the last 24 hours.</p>
<p>Rekt Capital’s analysis highlights the importance of DOGE’s retest of the $0.20 level and the confluent support at $0.12 and the macro downtrend. The ability of DOGE to hold this support will be crucial for its new macro uptrend.</p>
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<p>The post <a href="https://captainaltcoin.com/dogecoins-doge-key-retest-can-the-meme-coin-bounce-back-to-this-critical-level-amid-price-dip-pay-attention-to-these-metrics/" rel="noopener noreferrer nofollow">Dogecoin’s (DOGE) Key Retest: Can the Meme Coin Bounce Back to this Critical Level Amid Price Dip? Pay Attention to These Metrics</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Dogecoin’s (DOGE) Key Retest: Can the Meme Coin Bounce Back to this Critical Level Amid Price Dip? Pay Attention to These Metrics

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