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