Dogecoin, the leading cryptocurrency, is facing a significant challenge. According to trading analyst Rekt Capital, the crypto is on track to reclaim the $0.20 level as a new support. This, analysts anticipate, could pave the way for further upward momentum, with the meme coin potentially rising to $0.30, as per the analyst’s prediction.
At the time of publication, the flagship cryptocurrency is trading at $0.215, marking an approximate 7% increase over the past 24 hours. Dogecoin’s market value currently stands at $30 billion.
With just a few hours remaining until the pivotal monthly close, it remains to be seen whether Dogecoin will succeed in maintaining or breaching the success level. Meanwhile, Bitcoin’s price is on the verge of closing this weekly candle above its all-time high. If Bitcoin achieves this feat, it could also put the leading cryptocurrency in a position conducive to a breakthrough.
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At the time of writing, Bitcoin is trading at $70,561, according to CoinGecko data.
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