A widely followed analyst is leaning optimistically on layer-1 blockchain Avalanche (AVAX) as he makes his prediction for flagship memecoin Dogecoin (DOGE) and interoperable chain Polkadot (DOT).
The analyst under the pseudonym Rekt Capital tells his 518,000 followers on the social media platform X that Avalanche witnessed a strong November.
“Avalanche recorded a historically bullish monthly close above the light blue level of $38.57.
Some dips [below $38.57] a retest attempt would take place in the future, in a similar manner to the September 2021 and March 2024 retests (green/orange circles).”
Based on the trader’s chart, he seems to suggest that AVAX tends to recover after retesting $38.57 as support.
Avalanche is trading at $51.14 at the time of writing, up more than 12% in the past day.
Next up is Polkadot. The widely followed analyst say the 17th largest crypto asset by market cap also recorded a “bullish monthly close,” reaching levels last seen in April.
“DOT is also showing very early signs of retesting this level [at around $8.61] for new support.
DOT must continue to do this to enable further upside potential.
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 notes the flagship memecoin has broken out from the upper boundary of an ascending triangle pattern that had formed in the daily time frame. In technical analysis, an ascending triangle breakout is considered bullish.
“Any dip in the top of the pattern [at around the $0.43 level]if necessary, there would be a post-outbreak retest to confirm the outbreak.”
Dogecoin is trading at $0.421.
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Generated image: Midjourney