According to pseudonymous cryptocurrency trader Rekt Capital, Dogecoin broke its macro downtrend several months ago.

The largest meme cryptocurrency has been successfully retesting that macro downtrend since then.

The trader has added that Dogecoin would need a successful retest in order to be able to confirm the end of the downtrend.

Dogecoin is up 16% over the past week, outperforming the broader cryptocurrency market.

A massive Robinhood transfer

Earlier today, roughly $10.8 million worth of Dogecoin (DOGE) was transferred from Robinhood to an unknown wallet.

The massive transfer did not affect the price of the meme coin in any significant way.

At press time, the leading meme cryptocurrency is trading at $0.14 after adding 1.3% over the past 24 hours.

As reported by U.Today, the market cap of the leading meme coin recently managed to surpass the much-coveted $20 billion mark while other meme coins, such as dogwifhat (WIF), also recorded substantial gains.

Another bullish catalyst?

Elon Musk’s rumored appearance at the upcoming Bitcoin Conference in Nashville could be a bullish catalyst for the leading meme cryptocurrency.

The billionaire is known as one of the most ardent proponents of the leading meme coin. However, Musk is unlikely to speak about Dogecoin during the conference that is full of Bitcoin maximalists.