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A closely followed crypto analyst believes Dogecoin (DOGE) is in a solid position to ignite fresh moves to the upside.
Pseudonymous analyst Rekt Capital tells his 517,400 followers on the social media platform X that DOGE looks bullish as it trades within an ascending triangle pattern.
The technical structure is often viewed as a bullish continuation pattern, suggesting that the asset is consolidating prior to a new upside burst.
Says Rekt,
“If this indeed turns out to be an ascending triangle on Dogecoin, then memecoins could enjoy another round of money flow. Needs a daily close above the pattern top ($0.43) to confirm a breakout.”
At time of writing, DOGE is trading for $0.432, slightly above the pattern’s horizontal resistance.
Looking at the broader memecoin market, Rekt says that the popular crypto sector is starting to regain bullish momentum.
“Recently, altcoins have been breaking old resistances and turning them into new support.
But memecoins have recently been losing supports teasing turning them into resistances.
But the way memecoins are rallying now, they may be reclaiming these supports.”
Turning to the interoperability blockchain Polkadot (DOT), the trader highlights that it needs to flip a key resistance level into support to have a shot at witnessing more rallies.
“Polkadot has performed a weekly close above the black $8.60 resistance.
Now in the process of retesting this level into new support.
In 2021, this retest led price to new all-time highs.
But earlier this year, we saw a failed retest and saw price sink to 2023 lows.
DOT needs this retest to be successful to rally higher and a monthly close above black would increase chances for further upside.”
At time of writing, DOT is trading for $8.85.
The last altcoin on the trader’s radar is the artificial intelligence (AI)-focused Artificial Superintelligence Alliance (FET). The analyst says FET also needs to convert a previous resistance level into support to sustain its rallies.
“Price will need to turn the upcoming $1.77 resistance (red) into support, much like back in March 2024.”
At time of writing, FET is worth $1.88.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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