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Dogecoin’s Crucial Test: Can it Hold $0.20 Support?

  • DOGE aims to establish $0.20 as a robust support level, following a positive monthly close above this mark in March.
  • Downward volatility exceeded expectations, with DOGE nearing $0.12 range lows despite breaching the $0.12 to $0.20 range.
  • Rekt Capital emphasizes the importance of the $0.12 range low and the macro downtrend as key support levels for DOGE’s new macro uptrend.

In a recent assessment, cryptocurrency analyst Rekt Capital provided an insightful review of Dogecoin’s (DOGE) recent price movements. The core focus of their analysis revolves around DOGE’s endeavor to establish $0.20 as a solid support level, following a promising monthly closure above this mark in March.

Despite initial expectations, the extent of DOGE’s downward volatility surpassed prior estimations. Rekt Capital highlighted a significant downturn, bringing DOGE perilously close to revisiting the $0.12 range lows, breaching the previously observed $0.12-$0.20 range. This downward momentum also flirted with a retest of the macro downtrend, now transformed into a pivotal support level, signifying DOGE’s confirmation of its new Macro Uptrend.

Looking ahead, there’s an opportunity for DOGE to secure a monthly closure above $0.20, as observed by Rekt Capital. However, failure to achieve this milestone may confine DOGE within the $0.12-$0.20 range until a breakout occurs.

Of particular significance is the convergence of the $0.12 range low and the macro downtrend, now serving as critical support for DOGE’s upward trajectory. Rekt Capital emphasizes DOGE’s successful retest of this crucial area thus far.

At present, Dogecoin is trading at $0.1516, indicating a slight decline over the past 24 hours. Rekt Capital’s analysis underscores the pivotal nature of DOGE’s reevaluation of the $0.20 level and the reinforcement of support at $0.12 and the macro downtrend. The maintenance of this support is poised to define DOGE’s future macro uptrend trajectory.

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