Dogecoin, a popular meme coin, is facing a significant obstacle ahead. A trading analyst named Rekt Capital suggests that the digital currency is approaching the $0.20 level to establish it as a new support level.

Reclaiming this level could potentially lead to further price increases for the meme coin, with the analyst predicting a surge towards $0.30.

Currently, Dogecoin is being traded at $0.215, having experienced a 7% increase within the past 24 hours, and is valued at $30 billion.

As the crucial monthly closing draws near, it remains uncertain if Dogecoin will be able to sustain itself above this significant level.

Meanwhile, Bitcoin is on the edge of closing the weekly candle above its previous all-time high. This accomplishment would also set the stage for a potential breakout for the leading cryptocurrency. Presently, Bitcoin is being traded at $70,561, according to CoinGecko data.