Crypto Analyst Sees Dogecoin Retracing Back With Slight Gains — But Only After Minor Correction

Pseudonymous analyst Rekt Capital on Saturday shared observations on Dogecoin’s DOGE/USD performance, pointing out a potential bullish divergence.

What Happened: Rekt Capital emphasizes the formation of a low on the price chart and a Higher Low on the Relative Strength Index (RSI), suggesting a positive trend.

RSI stands for Relative Strength Index, a technical indicator used in financial analysis to measure the magnitude of price changes and assess overbought or oversold conditions in an asset.

Rekt Capital’s analysis considers the macro picture and highlights the ongoing consolidation phase. This phase suggests a period of price stability for DOGE until further developments emerge, potentially triggering a breakout and setting a new price trend.

"As long as DOGE maintains the Channel Bottom as support as it has done thus far, this Bull Div may very well play out and enable price to revisit the Channel Top over time.

Rekt Capital’s chart reveals that Dogecoin will reach levels around $0.070, after rebounding from its bottom level of $0.058.

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Why It Matters: Last week, Rekt Capital provided an in-depth analysis of Chainlink market trajectories.

LINK LINK/USD, Chainlink’s native token, has been on a rollercoaster ride. After facing rejection from its range-high resistance, it experienced a 13% price drop.

Price Action: At the time of writing, DOGE was trading at $0.060, down 1.45% in the last 24 hours, according to Benzinga Pro.

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