Dogecoin (DOGE) has recently confirmed a new macro uptrend. This is after successfully retesting a crucial confluence of support levels, according to a technical analysis by analyst Rekt Capital. This development could signal a potential shift in the cryptocurrency’s long-term price trajectory.
Successful Retest of Macro Downtrend and Range Low Support
Last week, Rekt Capital highlighted that DOGE was in the process of retesting two key support levels simultaneously: the Macro Downtrend and the black Range Low at $0.12. This confluence of support levels was considered a critical area for the cryptocurrency,. This is because a successful retest could pave the way for a potential trend reversal.
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In the latest update, the analyst confirms that DOGE has indeed successfully retested this confluent area of support. This development is significant, as it suggests that the previous macro-downtrend has now been flipped into a support level.
DOGE Surges Nearly 23% Following Successful Retest
Following the successful retest of the macro-downtrend and range-low support levels, DOGE has experienced a substantial price surge, gaining nearly 23% in value.
The confirmation of a new macro-uptrend is a notable development for DOGE. This suggests that the cryptocurrency may have entered a new phase of its market cycle.
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Dogecoin is currently trading at $0.1478. Despite the recent 1.8% decline in value, DOGE has experienced an impressive 18.3% increase over the past 7 days.
However, it is important to note that DOGE is still down 26% over the last 30 days, indicating that the cryptocurrency is not entirely out of the woods just yet. Nevertheless, the confirmation of a new macro-uptrend and the 102.7% year-over-year growth suggest that Dogecoin may be poised for further price appreciation in the coming months.