DOGE is Setting Up For A New Upward Rally Following Recent Rebound

• Rekt Capital has spotted a developing uptrend on Dogecoin.
• DOGE rebounded 24% to set up a potential upward movement.
• Dogecoin is trading between $0.12 and $0.20 ahead of a confirming uptrend.

Rekt Capital, a crypto analyst on X, has spotted a developing uptrend on Dogecoin amid the current market conditions. In a recent post, the renowned analyst highlighted that DOGE has tagged the macro downtrend for a successful retest, rebounding 24%.

Explaining his analysis, Rekt Capital showed a reversal candle that formed on the DOGE/USDT weekly chart on TradingView. He revealed how the candle bounced off significant support around the $0.12650 level, reflecting a retest of that level ahead of resuming its uptrend.

Meanwhile, the analyst showed Dogecoin’s uptrend started in October 2023, when the memecoin bounced off support at $0.0574. However, the move boosted last February after DOGE surged past the $0.09617 region, changing the cryptocurrency’s sentiment into a bullish perspective. 

DOGE tested another significant resistance with the recent rally, reaching $0.20626, as highlighted by Rekt Capital. Pulling back from that level saw Dogecoin dropping by 40% before the current reversal spotted by the famous analyst.

From Rekt Capital’s plottings in the shared chart, Dogecoin has the potential to rally to $0.33825. With that, the memecoin would climb above the recent high at $0.20626 and overcome another significant resistance around $0.27817. 

Meanwhile, Dogecoin has overturned the losses incurred in 2023 and is already testing levels last reached in 2022. The flagship memecoin traded for $0.1644 at the time of writing, according to data from TradingView. 

Rekt Capital’s recent post confirms his earlier prediction from last week when he spotted an initial retest after DOGE broke its macro downtrend. He thinks the memecoin is trading within a new macro range between $0.12 and $0.20 ahead of a confirming uptrend.