Price: $0.39250 2.0806%
Market Cap: 57.65B 1.7501%
Volume (24h): 8.47B 0.4%
Dominance: 1.7501%
Price: $0.39250 2.0806%
Market Cap: 57.65B 1.7501%
Volume (24h): 8.47B 0.4%
Dominance: 1.7501% 1.7501%
  • Price: $0.39250 2.0806%
  • Market Cap: 57.65B 1.7501%
  • Volume (24h): 8.47B 0.4%
  • Dominance: 1.7501% 1.7501%
  • Price: $0.39250 2.0806%
Home > Information news > Elite Crypto Analyst Lays Out How Dogecoin (DOGE) Could Surge by 31%

Elite Crypto Analyst Lays Out How Dogecoin (DOGE) Could Surge by 31%

Release: 2023/12/12 06:28 Reading: 600

Original author:Captain Altcoin

Original source:https://coinmarketcap.com/community/articles/6577726ebc6a2505ca9666db

Dogecoin (DOGE) has seen its price decline over 5% on Monday amid a broader downturn in the cryptocurrency market. However, according to prominent analyst Rekt Capital, the meme-inspired token may be gearing up for a significant rally in the coming weeks.

In a recent tweet, Rekt Capital pointed out that Dogecoin’s weekly close has reclaimed the $0.096 level as support. This area had previously acted as resistance throughout much of 2023. Now that DOGE has regained it as a support floor, Rekt Capital suggests the path of least resistance is to the upside.

“Successful retest here would enable a +31% move,” wrote Rekt Capital about the $0.096 level. This implies a potential target around $0.13 if DOGE can confirm this area as support.

Dogecoin is currently trading hands around $0.095, which means it is essentially right at the make-or-break support zone described by Rekt Capital. So far, buyers have defended this key level despite today’s broader market turbulence.

If Dogecoin manages to reclaim $0.096 as support in the coming days and weeks, it could be the precursor to a rally back towards the $0.13 resistance. In such a hypothetical scenario, DOGE would gain over 30% from current levels.

Of course, Dogecoin is still vulnerable to downside in the near-term if bearish momentum resumes and $0.096 fails to hold up. In that case, DOGE may look to its 2023 bottom near $0.06 as the next line of defense. Although with crypto sentiment improving recently, the odds seem to favor the bulls right now.

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The post Elite Crypto Analyst Lays Out How Dogecoin (DOGE) Could Surge by 31% appeared first on CaptainAltcoin.

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