A closely watched cryptocurrency analyst believes Dogecoin (DOGE) is well-positioned to spark a new bull run.
Pseudonymous analyst Recto Capital told his 517,400 followers on social media platform X that DOGE appears bullish as it trades within an ascending triangle pattern.
Technical structure is often seen as a bullish continuation pattern, suggesting that the asset is consolidating ahead of a new uptrend.
Recto says,
“If this actually turns out to be an ascending triangle for Dogecoin, the memecoin could enjoy capital flow again. To confirm a breakout, a close above the pattern high ($0.43) is required.”
As of this writing, DOGE is trading at $0.432, just above the pattern's horizontal resistance.
Turning to the broader meme coin market, Rekt say This means that the popular crypto sector is starting to regain its bullish momentum.
“Recently, altcoins have been breaking old resistance levels and turning them into new support levels.
However, meme coins have recently been losing support and turning into resistance.
However, they may be regaining these supports as meme coins are rising now. ”
The trader looked to interoperable blockchain Polkadot (DOT) and emphasized that key resistance levels need to turn into support for further upside.
“Polkadot recorded a weekly close above the black $8.60 resistance.
We are currently retesting this level with new support.
In 2021, this retest has pushed prices to new all-time highs.
However, a failed retest earlier this year saw prices fall to 2023 lows.
DOT will need this retest to be successful for further gains, and a monthly close above surplus will increase the chances of further gains. ”
As of this writing, DOT is trading at $8.85.
The final altcoin on traders’ radar is Alliance for Artificial Superintelligence (FET), which focuses on artificial intelligence (AI). The analyst also said that FET will need to turn previous resistance levels into support to sustain the rally.
“Price will need to turn the upcoming $1.77 resistance (red) into support, just like it did in March 2024.”
As of this writing, FET is worth $1.88.
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