Dogecoin Breaks Out of Long-standing Downtrend

Dogecoin [DOGE] is back in the spotlight as it attempts to solidify its breakout from a long-standing macro downtrend. Crypto analyst Rekt Capital has highlighted DOGE's current post-breakout retest, where the memecoin is testing critical support levels. A successful retest of this downtrend could signal the start of a new macro-uptrend, potentially driving DOGE prices higher in the near future.

DOGE Tests Key Support Levels

At press time, DOGE is trading at $0.1047, showing a slight decline of 0.42% in the past 24 hours. However, the market is watching closely as the price hovers near key support levels following the breakout from the macro downtrend. The Bollinger Bands (BB) reveal that DOGE is trading within a relatively tight range, with a 20-day Simple Moving Average (SMA) of $0.1060 acting as short-term resistance.

Positive On-chain Activity Signals Potential Upside

The Relative Strength Index (RSI) sits at 45, indicating neutral momentum. If DOGE fails to hold its current support near $0.10, further downside could occur. However, a successful retest would likely pave the way for renewed bullish momentum, with positive on-chain activity signaling the potential for upward momentum in the near future.

Source: https://ambcrypto.com/examining-dogecoins-price-trend-as-doge-tests-key-support/

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