A popular crypto strategist and trader is predicting a strong rally for Dogecoin (DOGE) as the memecoin is showing signs of life.
Pseudonymous crypto analyst Rekt Capital tells his 298,800 Twitter followers that Dogecoin has managed to recapture a crucial level on the monthly timeframe after surging nearly 40% on April 25th.
“DOGE/USD.
DOGE has broken back into its $0.14-$0.20 range.
As long as it stays above the green range low, DOGE will have confirmed a return to a +44%-wide range.”
Dogecoin is exchanging hands for $0.154 at time of writing. A move to the top of Rekt Capital’s range represents an upside potential of more than 30%.
Leading analytics firm IntoTheBlock says that Dogecoin’s strong rally yesterday came with massive volume from the derivatives markets.
"DOGE reagéiert op déi méiglech Acquisitioun vun Twitter vum Elon Musk. De Volume an éiwege Swaps ass ëm 6x an 24 Stonnen eropgaang, an erreecht en Héichpunkt vun dräi Wochen vun $ 3.13 Milliarden.
The analytics platform is referring to fresh developments regarding Elon Musk’s bid to acquire social media giant Twitter. Musk is reportedly poised to iwwerhuelen Twitter with the help of banking giant Morgan Stanley.
While investors are flocking into the leading meme cryptocurrency, fellow analyst Rager points out that DOGE needs to rally over 4x to climb all the way up to its all-time high.
"Et ass an der Rei. DOGE brauch just nach eng 350% vun hei an déi meescht Retail Investisseuren wäerten um break-even vun der Entrée sinn.
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Source: https://dailyhodl.com/2022/04/26/dogecoin-doge-primed-for-over-30-rally-after-strong-recovery-according-to-top-crypto-analyst/