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Pseudonymous crypto trader Rekt Capital (@rektcapital), who issues his own newsletter, (has shared a $DOGE chart for his army of 335,000 Twitter followers, suggesting that the original meme token has a good chance to show a breakout.
Currently, Dogecoin is trading at $0.09087, according to the CoinMarketCap data, showing a marginal rise in the past hour.
"$DOGE is well-positioned for upside"
In a recent tweet, Rekt Capital stated that Dogecoin broke out from a Falling Wedge formation. That is a reverse pattern, after which the price of an asset is likely to head in an opposite direction — upward, in this case. After a Rising Wedge, an asset has a high chance to begin declining.
The analyst and trader drew his readers' attention to the fact that $DOGE had successfully completed the reverse pattern and even managed to retest the top of its Falling Wedge as support, thus showing a complete confirmation of the breakout.
Now, Rekt Capital wrote, "$DOGE is well-positioned for upside," and it remains to be seen whether the coin will be pushed up or not: "It's now all about follow-through."
$DOGE has broken out from its Falling Wedge#$DOGE also appears to have successfully retested the top of its Falling Wedge as support, to fully confirm the breakout
— Rekt Capital (@rektcapital) February 6, 2023
Technically, $DOGE is well-positioned for upside
Now it's all about follow-through#BTC #Crypto #Dogecoin https://t.co/1YJvK9RkZR pic.twitter.com/AjDaM7s2XQ
Dogecoin drops 10% since weekend
Since Saturday, Feb. 4, leading meme cryptocurrency $DOGE has declined slightly more than 10%. This fall happened despite the fact that the biggest $DOGE fan and Twitter boss billionaire Elon Musk had been found innocent of charges in the "Tesla private 420 private-take case." The lawsuit was initiated against the tech mogul by the SEC in 2018 after he posted a tweet saying, "I'm taking Tesla private at $420. Funding secured."
As a rule, Musk's tweets, especially positive ones, provoke at least a slight and brief growth of the Dogecoin price. This one may have done so as well, especially considering that Elon Musk is pro-crypto (he holds Bitcoin, Ethereum and $DOGE) and the SEC is currently struggling to beat the fintech giant Ripple in court and has been doing so since December 2020.
During the past 24 hours, Dogecoin demonstrated a mild rise, going up by 2.86%.
$DOGE army urges Burger King to accept Dogecoin and $FLOKI
Major Doge-themed account @DogecoinRide has recently tweeted to pick the brains of the $DOGE army on whether Burger King fast food giant should add the meme token and its rival $FLOKI as payment options. Many Doge fans left comments like "hell, yeah" to support the idea.
Should @BurgerKing start accepting $FLOKI & $DOGE? 🤔
— DogeCoin Ride (@DogecoinRide) February 6, 2023
NO YES
👇 👇
Previously, Elon Musk offered another fast-food behemoth, McDonald's, a deal: if they would begin accepting Dogecoin, he would eat a Happy Meal on TV. However, the company turned down his offer.
This year, Elon Musk tweeted that his offer on $DOGE and McDonald's was "100 percent open." However, the famous seller of fast food did not respond to that. Now, the $DOGE army seems to be in search of an alternative.