A cryptocurrency analyst who follows closely believes that Dogecoin (DOGE) is firmly positioned to trigger a new uptrend.
Household analyst Rekt Capital told his 517,400 followers on social media platform X that DOGE looks bullish as it trades within an ascending triangle pattern.
A technical structure is often considered a bullish continuation pattern, which indicates that an asset is consolidating ahead of a new uptrend.
Rekt says:
“If this indeed turns out to be a rising triangle for Dogecoin, Memecoin could enjoy another funding stream. We need a daily close above the top of the pattern ($0.43) to confirm a breakout.”
As of this writing, DOGE is trading at $0.432, slightly above the pattern’s horizontal resistance.
Looking at the broader memecoin market, Rekt says the popular cryptocurrency sector is starting to regain bullish momentum.
“Recently, altcoins are breaking old resistance levels and turning them into new support levels.
However, Memecoin has recently lost support and is turning into resistance.
However, looking at the way Memcoin is currently rallying, it may regain this support.”
Traders refer to the interoperability blockchain Polkadot (DOT), highlighting the need to turn key resistance levels into support levels to witness further rallies.
“Polkadot recorded a weekly close above the black $8.60 resistance.
We are now testing this level again with new support.
This retest in 2021 has pushed prices to new all-time highs.
However, earlier this year we saw the retest fail and prices fall to 2023 lows.
This retest is needed for DOT to successfully move higher, and a monthly close above the surplus would increase the likelihood of further upside.”
As of this writing, DOT is trading at $8.85.
The last altcoin on traders’ radars is the artificial intelligence (AI)-focused Federation of Artificial Superintelligence (FET). The analyst said FET would need to turn the previous resistance level into support level to sustain the rally.
“Price should turn the looming $1.77 resistance (red) into support, as it did in March 2024.”
As of this writing, FET is worth $1.88.
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