Dogecoin (DOGE) is catching the attention of a prominent crypto analyst who believes that the popular meme-based cryptocurrency is gearing up for a potential bullish breakout. Rekt Capital, a well-known pseudonymous analyst, recently shared his insights with his large following on X, indicating that DOGE is exhibiting a bullish pattern known as an ascending triangle.
According to Rekt Capital, the ascending triangle pattern that DOGE is currently trading within is typically seen as a bullish continuation pattern. This suggests that the cryptocurrency is consolidating its price before making a potential move to the upside. In order to confirm a breakout, DOGE would need to close above the pattern’s horizontal resistance level, which is currently set at $0.43.
The broader memecoin market, which includes cryptocurrencies like DOGE, is also showing signs of regaining bullish momentum. Rekt Capital noted that altcoins in this sector have been breaking old resistances and turning them into new support levels. This could indicate a positive trend for memecoins as they rally and reclaim these key support levels.
In addition to DOGE, Rekt Capital also highlighted Polkadot (DOT) and the Artificial Superintelligence Alliance (FET) as altcoins to watch. He mentioned that DOT recently closed above a crucial resistance level and is now in the process of retesting this level to establish it as new support. A successful retest could potentially lead to further upside for DOT, with a monthly close above this level increasing the chances for continued rallies.
On the other hand, FET, an AI-focused cryptocurrency, is facing a similar challenge as it aims to convert a previous resistance level into support to sustain its upward momentum. Rekt Capital emphasized the importance of turning the upcoming $1.77 resistance level into support, similar to a previous successful conversion back in March 2024.
Overall, the cryptocurrency market is showing signs of bullish momentum, with key altcoins like DOGE, DOT, and FET potentially gearing up for significant price movements. As investors keep a close eye on these developments, it will be interesting to see how these cryptocurrencies perform in the coming days and weeks. Stay tuned for more updates on the latest trends in the crypto space.