Cryptocurrency analyst Rekt Capital has issued a bullish signal for Dogecoin. In a post on the social media platform X, he stated that DOGE is currently in an upward trend. The analyst noted that the memecoin is progressing according to a technical pattern and called for caution among market participants.
DOGE Trading Within a Rising Triangle Pattern
Rekt Capital expresses that Dogecoin is trading within a rising triangle pattern. This technical pattern often indicates that the price is consolidating before a potential breakout. The analyst remarked, "If Dogecoin is indeed forming a rising triangle pattern, the memecoin could witness a revival of capital flow." However, he emphasizes that this bullish move needs confirmation, noting that the daily closing price must remain above the top of the pattern.
Currently, DOGE is trading at $0.432, slightly above the horizontal resistance level of the pattern. Rekt Capital believes that if Dogecoin can permanently break through this resistance level, it could gain significant momentum.
Memecoin May Recover Their Support Levels
Rekt Capital emphasizes the revival in the memecoin market. While altcoins have turned old resistance levels into new support levels, memecoins have temporarily lost their support. However, the analyst believes, "Memecoins are currently recovering and may regain these support levels," painting an optimistic picture for the market.
The analyst also pointed out important technical levels for Polkadot (DOT) and Fetch AI (FET). He noted that a weekly close above $8.60 for Polkadot will be very important, stating, "Polkadot is testing this level as a support. A successful test could pave the way for a bullish move."
Regarding Fetch AI (FET), he expresses a similar view, stating that the $1.77 resistance level needs to be turned into support. He adds that this move could initiate a broader bullish trend for FET.
Rekt Capital emphasizes that technical analysis is very important to determine short-term market trends. However, long-term movements can be influenced by broader economic factors. He advises investors to develop their strategies while considering these factors.
