Major Dogecoin Downtrend Might Finally Be Over

Dogecoin Breaks Downtrend, Eyes Upswing

Renowned pseudonymous crypto trader Rekt Capital asserts that Dogecoin (DOGE) breached its long-term downtrend months ago. The cryptocurrency has subsequently undergone successful retests of this trendline.

A sustained retest is crucial for Dogecoin to confirm the downtrend's conclusion, according to Rekt Capital. Over the past week, DOGE has surged by 16%, surpassing the broader crypto market.

Massive Robinhood Transfer

Earlier today, approximately $10.8 million worth of DOGE was moved from Robinhood to an undisclosed wallet. This substantial transfer had no significant impact on the meme coin's price.

Elon Musk's Potential Influence

Elon Musk's speculated appearance at the upcoming Bitcoin Conference in Nashville could potentially serve as a bullish catalyst for DOGE. Musk is a vocal supporter of the cryptocurrency. However, it remains uncertain whether he will mention DOGE during the conference, which is primarily focused on Bitcoin.

Current Market Status

At the time of writing, DOGE trades at $0.14, up 1.3% over the previous 24 hours. Notably, the meme coin's market capitalization recently surpassed $20 billion, while other meme coins, such as dogwifhat (WIF), have also experienced significant gains.