A closely watched cryptocurrency analyst says it is time for altcoins to rebound and predicts one blue-chip memecoin will be the main beneficiary.
Household name analyst Rekt Capital told his 461,000 followers on social media platform
According to his chart, analysts appear to have initially targeted the $315 billion level and ultimately reached previous highs near $425 billion.
“Altcoin market caps are still holding support at the $250 billion level and are positioned to advance through the dark path to the upside in the future.”
Looking at specific altcoins, Rekt Capital reports that Dogecoin (DOGE) has officially confirmed its macro uptrend after a healthy retest of the $0.12 level. According to the analyst’s chart, the next major resistance levels are at $0.20 and $0.278.
“Dogecoin achieved a +30% recovery after successfully retesting the confluence support zone, which is the blue Macro Downtrend and the black Range Low (orange circled area).
The macro downtrend is over.
“But this completely confirms the new macro upward trend.”
As of this writing, DOGE is trading at $0.163.
Rekt for Bitcoin (BTC) Called The cryptocurrency king has potentially already found strong support at the $60,000 level.
“I think it was just a downward trend.
This weekly close will confirm the liquidity pool as secured support.”
As of this writing, Bitcoin is trading at $64,265.
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