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Home»ALTCOIN NEWS»Crypto Analyst Says DeFi Altcoins Are Poised for a Rise, Updates Outlook for Solana and Dogecoin
ALTCOIN NEWS

Crypto Analyst Says DeFi Altcoins Are Poised for a Rise, Updates Outlook for Solana and Dogecoin

By Crypto FlexsOctober 31, 20243 Mins Read
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Crypto Analyst Says DeFi Altcoins Are Poised for a Rise, Updates Outlook for Solana and Dogecoin
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One cryptocurrency strategist who correctly called a Bitcoin (BTC) correction earlier this year believes the decentralized finance (DeFi) altcoin is ready to explode.

Household-name analyst Rekt Capital told his 508,200 followers on social media platform

The analyst shares a chart that suggests PENDLE has successfully retested the neckline of the inverted head and shoulders pattern on the weekly chart, indicating that the altcoin is positioned for further upside.

“Technically, PENDLE performed a good weekly close above the $4.48 (blue) level.

Two weeks ago, PENDLE broke the blue resistance line.

Last week PENDLE successfully tested this again as a support.

We need to keep it here for PENDLE to take off this week.”

Source: Rekt/X

The inverted head and shoulders pattern is a bullish reversal structure that suggests demand for an asset is increasing as investors rush in rather than wait for the price to recover to recent lows.

As of this writing, PENDLE is trading at $5.04, up more than 9% in the past day.

Looking at layer 1 protocol Solana, Rekt believes SOL will move higher after flipping two resistance levels into support.

“SOL actually performed to a strong weekly close.

why? because brush Weekly close above the blue diagonal trend line and the confluence resistance area, which is the red box…

I think the retest after the breakout was successful.”

video
Source: Rekt/X

As of this writing, SOL is worth $179.77.

For Dogecoin (DOGE), the analyst believes the altcoin is showing constructive price action that could send the top memecoin to a target price of $0.20.

“Dogecoin successfully retested the support level ($0.14).

DOGE has since gained +26%.

So far we have followed the orange path perfectly.”

video
Source: Rekt/X

As of this writing, DOGE is trading at $0.175.

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and you will be responsible for any losses you may suffer. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.

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