The cryptocurrency market has started to lose value, with some exceptions such as XRP Coin. With the decline of the leading cryptocurrency Bitcoin, altcoins are also getting their share of this decline. However, some tokens may be preparing for upward movements. A popular analyst states that the original meme coin, such as Dogecoin (DOGE Coin), is in a good position to make new upward moves. In addition, analyst FET$FET
and also updates its forecast on DOT.
The market has begun to be dominated by a red atmosphere. However, this is a common phenomenon in the crypto world and analysts see such situations as an opportunity to prepare for new moves. The analyst, who uses the pseudonym Rekt Capital, said that DOGE Coin$DOGE
It is trading inside an ascending triangle formation, highlighting that the meme coin is in an uptrend. This technical structure is generally considered a bullish continuation pattern and indicates that the asset is consolidating before making a new upward breakout. Rekt Capital notes:
“If an ascending triangle forms on Dogecoin, memecoins could once again benefit from the influx of money. However, a daily close above the $0.43 level is needed for this formation to be confirmed.”
At the time of writing, DOGE was trading below the formation’s horizontal resistance at $0.4084. The analyst also noted the broader memecoin market, saying that bullish momentum in this sector is regaining strength. Rekt Capital added:
“Lately, altcoins have been breaking out of old resistance levels and turning them into new supports. However, memecoins have been losing their supports and turning into resistances. But judging by their current rise, they may be regaining those supports.”
Rekt Capital, Polkadot (DOT)$DOT
He also shares his predictions about DOT. At the time of writing, DOT was trading at $8.56. The analyst notes that DOT needs to turn a major resistance level into support in order to rally further. The analyst says:
“Polkadot made its weekly close above the black resistance level of $8.60. It is now testing this level as a new support. In 2021, this test was successful and the price reached new all-time highs. However, at the beginning of the year, this test failed and the price fell to 2023 lows. DOT needs this retest to be successful for a higher rally. Also, a monthly close above $8.60 would increase the chances of an upward move.”
Finally, the analyst discusses the AI-focused Artificial Superintelligence Alliance (FET) token. He notes that FET needs to turn its previous resistance level into support in order to continue its next rally. The analyst explains:
“The price will need to turn the upcoming $1.77 resistance level (red) into support, as it did in March 2024.” At the time of writing, FET was trading at $1.74.