A closely watched crypto analyst believes that Dogecoin (DOGE) is in a solid position to unleash new moves to the upside.
Pseudonymous analyst Rekt Capital tells his 517,400 followers on social media platform X that DOGE is looking bullish as it trades within an ascending triangle pattern.
The technical structure is often seen as a bullish continuation pattern, indicating that the asset is consolidating ahead of another upward burst.
Says Rekt,
“If this indeed turns out to be an ascending triangle on Dogecoin, memecoins could enjoy a new round of cash flow. Needs a daily close above the pattern top ($0.43) to confirm a breakout.”
At the time of writing, DOGE is trading at $0.432, slightly above the pattern’s horizontal resistance.
Looking at the broader memecoin market, Rekt says say that the popular crypto sector is starting to gain bullish momentum again.
“Lately, altcoins have broken through old resistances and turned into new support.
But memecoins have lost support lately by turning into resistances.
But the way memecoins are gathering now could regain this support.”
As for the interoperability blockchain Polkadot (DOT), the trader emphasizes that it needs to convert a key resistance level into support to have a chance of more rallies.
“Polkadot has achieved a weekly close above the black resistance at $8.60.
We are now retesting this level for new support.
In 2021, this retest led the price to new all-time highs.
But earlier this year we saw a failed retest and saw the price drop to the 2023 low.
DOT needs this retest to successfully move higher and a monthly close above the black would increase the chances of further upside potential.”
At the time of writing, DOT is trading at $8.85.
The last altcoin on the trader’s radar is the artificial intelligence (AI)-focused Artificial Superintelligence Alliance (FET). The analyst says the FET also needs to convert a previous resistance level into support to continue its rallies.
“The price will need to convert the upcoming resistance at $1.77 (red) into support, just like in March 2024.”
At the time of writing, FET is worth $1.88.
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