Widely Followed Analyst Is Bullish on Layer 1 Blockchain Avalanche (AVAX) while offering his predictions for the flagship memecoin Dogecoin (DOGE) and the interoperable Polkadot chain (POINT).
The pseudonymous analyst known as Rekt Capital tell Thanks to its 518,000 followers on social media platform X, Avalanche had a strong November.
“Avalanche achieved a historically bullish monthly close above the light blue level of $38.57.
Any decline (below $38.57) in the future would constitute a retest attempt, in a manner very similar to the September 2021 and March 2024 retests (green/orange circles).
Based on the trader’s chart, it seems to suggest that AVAX is trending higher after retesting $38.57 as support.
Avalanche is trading at $51.14 at the time of writing, up over 12% over the past day.
Next up is Polkadot. The widely followed analyst said The 17th largest crypto asset by market capitalization also recorded a “bullish monthly close” to reach a level last seen in April.
“DOT is also showing very early signs of retesting this level (at around $8.61) towards new support.
The DOT must continue to do so to allow for further increases.
Price stability at $8.61 = crucial.
Polkadot is trading at $10.24 at the time of writing, up almost 7% in the last 24 hours.
As for Dogecoin, Rekt Capital Remarks the flagship memecoin broke away from the upper boundary of an ascending triangle pattern that had formed on the daily time frame. In technical analysis, a breakout of an ascending triangle is considered bullish.
“Any fall to the top of the pattern (around the $0.43 level), if necessary, would be a post-breakout retest to confirm the breakout.”
Dogecoin is trading at $0.421.
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