A prominent expert in the world of cryptocurrencies recently shared an analysis suggesting that the altcoin market is poised for a recovery, and one particular memecoin may be the primary beneficiary of this trend.
The analysis, conducted by a well-known analyst named Rekt Capital, was published on May 5 and focused on the current bullish movement of Dogecoin (DOGE), a popular memecoin. According to Rekt Capital, DOGE has officially confirmed its macro bullish trend, indicating that a significant rally may be on the horizon.
Rekt Capital stated, “Dogecoin just broke through multi-year resistance and established new support. The long-term downtrend is now over, and a new long-term uptrend has been officially confirmed.” This announcement was accompanied by a tweet from Rekt Capital’s official Twitter account, emphasizing the positive developments for DOGE.
The timing of this analysis coincides with increased activity surrounding Dogecoin. According to the cryptocurrency analysis platform IntoTheBlock, there has been a notable surge in Dogecoin activity. They reported that the number of new Dogecoin addresses created in a single day increased by 102% compared to the monthly minimum recorded just a few days prior.
It is worth noting that Tesla, the renowned electric vehicle company led by Elon Musk, recently added Dogecoin to its portfolio of accepted cryptocurrencies. This move was significant for both the automotive industry and the cryptocurrency market as a whole.
As of the time of writing, the price of Dogecoin stands at US$0.1627, representing a 1.0% decline in the past 24 hours.
The article also mentions a forecast that outlines a potentially significant price increase for Dogecoin in the near future. Renowned cryptocurrency analyst Ali Martinez shared a technical analysis on May 1, predicting an epic breakout scenario for DOGE. Martinez pointed out that Dogecoin’s recent price correction is a typical behavior that often precedes major bull runs. He cited previous instances in 2017 and 2021 where DOGE experienced a price retreat before entering a strong upward trend.
It is important to note that the views and opinions expressed in this article, including those of the author and individuals mentioned, are for informational purposes only and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries inherent risks, including the potential for financial loss.
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