A well-known analyst, going by the pseudonym Rekt Capital, has shared his bullish outlook on several prominent cryptocurrencies, including Avalanche (AVAX), Polkadot (DOT), and Dogecoin (DOGE).
Starting with Avalanche, Rekt Capital highlighted the strong performance of the layer-1 blockchain in November. According to his analysis, AVAX closed the month above the key level of $38.57, historically signaling a bullish trend. The analyst’s chart suggests that AVAX tends to rally after retesting $38.57 as support. Currently, Avalanche is trading at $51.14, showing an increase of over 12% in the past day.
Moving on to Polkadot, Rekt Capital noted that the interoperable chain also experienced a bullish monthly close, reaching a level last seen in April. He emphasized the importance of DOT retesting the support level around $8.61 to enable further upside potential. Polkadot is currently trading at $10.24, up nearly 7% in the last 24 hours.
As for Dogecoin, Rekt Capital observed a breakout from an ascending triangle pattern on the daily timeframe, which is typically viewed as a bullish signal in technical analysis. The analyst mentioned that any pullbacks to the $0.43 level, which serves as the top of the pattern, could confirm the breakout. Dogecoin is currently trading at $0.421.
In conclusion, Rekt Capital’s analysis provides valuable insights into the price action of these cryptocurrencies, suggesting potential bullish trends for Avalanche, Polkadot, and Dogecoin. Investors and traders may want to keep a close eye on these assets based on the analyst’s forecast.
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(Image Source: Midjourney)