A well-known cryptocurrency expert recently shared an analysis highlighting that now is the time for the altcoin market to recover, highlighting that a giant memecoin could be the main beneficiary of this movement.
Pseudonymous analyst Rekt Capital highlighted in an analysis shared on May 5 the current bullish movement of the memecoin Dogecoin (DOGE), noting that the token has officially confirmed its macro bullish trend, suggesting that a DOGE rally may be on the horizon.
“Dogecoin just turned multi-year resistance into new support. The macro downtrend is over. A new macro uptrend has been officially confirmed,” he wrote.
Dogecoin has just flipped a multi-year resistance into new support
The Macro Downtrend is over
A new Macro Uptrend has officially been confirmed#DOGE #Crypto #dogecoin pic.twitter.com/oo8nluWEnF
— Rekt Capital (@rektcapital) May 5, 2024
The move comes amid increased Dogecoin activity, as cryptocurrency analysis platform IntoTheBlock noted recently. “Dogecoin activity is increasing! The number of new Dogecoin addresses increased sharply this week. More than 28,000 new addresses were created yesterday, a 102% increase compared to the monthly minimum set on Monday,” he wrote on May 3rd.
It is worth remembering that, recently, Elon Musk’s Tesla added the Dogecoin cryptocurrency to its payments portfolio, marking a significant moment for both the automobile industry and the cryptocurrency market.
At the time of publication, the price of Dogecoin was quoted at US$0.1627, down 1.0% in the last 24 hours.
Forecast Reveals Epic Breakout Scenario for Cryptocurrency Dogecoin (DOGE)
Is the biggest meme cryptocurrency on the market, Dogecoin (DOGE), preparing for a potential increase in its price soon? A recent analysis revealed epic breakout scenario for cryptocurrency DOGE.
In a technical analysis shared on May 1, renowned cryptocurrency analyst Ali Martinez highlighted his prediction of an epic Dogecoin price disruption scenario. The largest memecoin saw weak price activity last month, closing April with a staggering 40% drop in value.
According to the cryptocurrency expert, Dogecoin’s continuous price correction is part of its usual behavior that precedes major bull runs. The analyst noted that in the years 2017 and 2021 DOGE came out of a descending triangle, retreating in price and subsequently entering an intense bull run.
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The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/dogecoin-doge-pronto-para-nova-macro-tendencia-de-alta-detalhes/
