A closely followed crypto analyst believes that Dogecoin (DOGE) is in a strong position to trigger further upward moves.
Pseudonymous analyst Rekt Capital tells his 517,400 followers on social media platform X that DOGE looks bullish as it trades in an ascending triangle pattern.
The technical structure is often seen as a bullish continuation trend, suggesting that the asset is consolidating before a further bullish surge.
Said Rekt,
“If this indeed turns out to be an ascending triangle on Dogecoin, then memecoins could benefit from another cycle of money flows. It takes a daily close above the pattern high ($0.43) to confirm a breakout.
At the time of writing, DOGE is trading at $0.432, slightly above horizontal trend resistance.
Looking at the broader memecoin market, Rekt said that the popular crypto sector is starting to regain bullish momentum.
“Recently, altcoins have broken old resistance and turned it into new support.
But memecoins have recently lost supports, turning them into resistances.
But given the way memecoins are gathering now, they could reclaim these supports.
Let’s move on to the Polkadot interoperability blockchain (POINT), the trader emphasizes that he must turn a key resistance level into support to have a chance of seeing more rallies.
“Polkadot made a weekly close above the black resistance at $8.60.
We are currently retesting this level on a new medium.
In 2021, this retest drove the price to new all-time highs.
But earlier this year, we witnessed a failed retest and saw prices fall to their 2023 lows.
DOT needs this retest to successfully rebound and a monthly close above black would increase the chances of further upside.
At the time of writing, DOT is trading at $8.85.
The latest altcoin on traders’ radar is the artificial intelligence (AI)-focused Artificial Superintelligence Alliance.FETs). The analyst says FET also needs to convert a previous resistance level into support to sustain its rallies.
“Price will need to turn the next resistance at $1.77 (red) into support, much like March 2024.”
At the time of writing, FET is worth $1.88.
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