A widely followed crypto analyst says a dog-themed memecoin that has posted six-figure gains in just 10 months is on the verge of another breakout.
In a new strategy session, crypto trader Rekt Capital tells its 501,600 followers on social media platform X Dogecoin (DOGE) rival dogwifhat (WIF) appear poised to skyrocket again.
“WIF – Dogwifhat has broken its macro downtrend. WIF is on the cusp of the start of a new macro upward trend.”
WIF is trading at $2.35 at the time of writing, a staggering 151.512% gain since the low of $0.00155 in December 2023 and a 5% gain over the last day.
Looking further at fellow meme asset Pepe (PEPE), Rekt Capital says this company is also breaking through months of stagnation.
“PEPE has also broken its multi-month downward trend.”
PEPE is trading at $0.000011 at the time of writing, a gain of 18% over the last 24 hours.
He concludes his analysis with the most important crypto asset by market capitalization: the trader say that Bitcoin (BTC) is finally ready to break out of its channel top, which it has failed to do in recent months.
“Bitcoin is moving closer to the channel top (~$67,000). In recent months, BTC would reject (red) in this area. Therefore, it is essential that BTC closes above the channel top on a weekly basis. History suggests that BTC should be able to do this [to] good luck on this next attempt.”
Bitcoin is trading at $66,248 at the time of writing, up 2.5% over the past 24 hours.
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Generated image: DALLE3