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 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 is reacting to the possible acquisition of Twitter by Elon Musk. The volume in perpetual swaps has increased by 6x in 24hours, reaching a three-week high of $3.13 billion.”
The analytics platform is referring to fresh developments regarding Elon Musk’s bid to acquire social media giant Twitter. Musk is reportedly poised to take over 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.
“It’s okay. DOGE just needs another 350% from here and most retail investors will be at break-even from entry.”Check Price Action
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Featured Image: Shutterstock/Krzysztof Bubel