abstract
A closely watched cryptocurrency analyst believes that Dogecoin (DOGE) is in a solid position that can trigger a new uptrend.
Anonymous analyst Rekt Capital told him 51740,000 followers that DOGE trades in ascending triangle mode and looks optimistic. The technical structure is often seen as a bullish continuation pattern, indicating that the asset is consolidating before a new upside burst.
Rekt said: " If this is indeed an ascending triangle on Dogecoin, then the memes could enjoy another round of capital flows. Need a daily close above the top of the pattern ($0. [] 43) to confirm the breakout.”
Source: Rekt Capital / X
At the time of writing, DOGE is trading at $0. 432, slightly above the horizontal resistance level for this pattern.
Looking at the broader meme coin market, Rekt says the popular cryptocurrency industry is starting to regain bullish momentum.
"Recently, the fake coins have been breaking the old resistance and turning it into new support. But the meme coins have been losing support lately, turning them into resistance. But judging by the way meme coins now, they may be gaining those support.”
Turning to interoperability blockchain Polkadot (point) The trader stressed the need to flip key resistance levels into support to have a chance to witness more rebound.
Polkadot Weekly close above black 8. $60 resistance. Is now re-testing this level for new support.
In 2021, this retest brought prices to record highs. But earlier this year, we saw retests fail and prices fall to their 2023 lows. DOT needs this retest to successfully rebound, and a monthly close above black will increase the chances of further gains.”
Source: Rekt Capital / X
At the time of writing, DOT trades at $8. 85.
The last copycat coin on the trader's radar is the artificial Super intelligence Alliance (FET) focusing on artificial intelligence (AI). Analysts say the FET also needs to convert its previous resistance level to a support level to maintain its rebound.
"Prices need to shift the upcoming $1. [] $77 resistance (red) to support, as they did in March 2024.”
