Crypto Strategist Says Dogecoin Close to Confirmin

Crypto Strategist Says Dogecoin Close to Confirming Pattern Breakout, Updates Forecast on Polkadot and FET

A closely followed crypto analyst believes Dogecoin (DOGE) is in a solid position to ignite fresh moves to the upside.

Pseudonymous analyst Rekt Capital tells his 517,400 followers on the social media platform X that DOGE looks bullish as it trades within an ascending triangle pattern.

The technical structure is often viewed as a bullish continuation pattern, suggesting that the asset is consolidating prior to a new upside burst.

Says Rekt,

“If this indeed turns out to be an ascending triangle on Dogecoin, then memecoins could enjoy another round of money flow. Needs a daily close above the pattern top ($0.43) to confirm a breakout.”

At time of writing, DOGE is trading for $0.432, slightly above the pattern’s horizontal resistance.

Looking at the broader memecoin market, Rekt says that the popular crypto sector is starting to regain bullish momentum.

“Recently, altcoins have been breaking old resistances and turning them into new support.

But memecoins have recently been losing supports teasing turning them into resistances.

But the way memecoins are rallying now, they may be reclaiming these supports.”

Turning to the interoperability blockchain Polkadot (DOT), the trader highlights that it needs to flip a key resistance level into support to have a shot at witnessing more rallies.

“Polkadot has performed a weekly close above the black $8.60 resistance.

Now in the process of retesting this level into new support.

In 2021, this retest led price to new all-time highs.

But earlier this year, we saw a failed retest and saw price sink to 2023 lows.

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Crypto Strategist Says Dogecoin Close to Confirmin

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