Dogecoin, the flagship meme coin, has a major challenge ahead of it. According to trading analyst Rekt Capital, the cryptocurrency is on track to reclaim the $0.20 level as new support.
This, as the analyst expects, could pave the way to further upside. The meme coin could potentially surge to $0.30, according to the analyst.
At press time, the flagship cryptocurrency is changing hands at $0.215. It has surged nearly 7% over the past 24 hours. The meme coin is currently valued at $30 billion.
With mere hours remaining until the pivotal monthly close, it remains to be seen whether Dogecoin will manage to remain above that make-it-or-break-it level.
Meanwhile, the Bitcoin price is on the verge of closing this weekly candle above its all-time high.
If Bitcoin manages to achieve this, this would also position the flagship cryptocurrency for a breakout.
At press time, Bitcoin is changing hands at $70,561, according to CoinGecko data.
As reported by U.Today, the meme coin recently managed to surpass Cardano, one of the top Ethereum competitors, by market capitalization.
However, Dogecoin is still far from reclaiming the peak of the previous cycle. Back in 2021, it managed to climb all the way to fourth place by market capitalization.