Major Dogecoin Downtrend Might Finally Be Over

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As a seasoned crypto investor with a particular fondness for meme coins, I’ve witnessed the wild ride that Dogecoin (DOGE) has been on for quite some time now. The recent news that Rekt Capital, a well-respected trader in the community, believes DOGE has broken its macro downtrend and is currently retesting it, has piqued my interest once again.

Based on the anonymous cryptocurrency trader known as Rekt Capital’s analysis, Dogecoin has broken the larger downward trend it had been following for several months.

The largest meme cryptocurrency has been successfully retesting that macro downtrend since then. 

As a researcher studying the Dogecoin market, I’ve noted that the trader believes a successful retest is necessary for confirmation that the downtrend has come to an end.

Dogecoin is up 16% over the past week, outperforming the broader cryptocurrency market. 

A massive Robinhood transfer 

Approximately 10.8 million dollars in Dogecoin (DOGE) were moved from Robinhood to a yet-to-be-identified wallet around midday today.

The massive transfer did not affect the price of the meme coin in any significant way. 

As of now, the most popular meme cryptocurrency is priced at around $0.14 following a 1.3% increase in value during the last 24 hours. (As a researcher, I’m constantly monitoring market trends and providing updates on meme cryptocurrencies.)

According to U.Today’s report, the market capitalization of the top meme coin has broken through the significant $20 billion threshold, experiencing notable growth. Meanwhile, other popular meme coins like Dogecoin (WIF) have also seen impressive price increases.

Another bullish catalyst? 

The possibility of Elon Musk attending the Bitcoin Conference in Nashville has been the subject of speculation. If he does make an appearance, it could serve as a significant boost for Bitcoin, the premier meme cryptocurrency.

The billionaire holds a prominent position as a strong supporter of the popular meme cryptocurrency. Nevertheless, it’s doubtful that Musk will bring up Dogecoin at the Bitcoin-centric conference filled with maximalists.

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2024-07-23 00:05