- Dogecoin’s breakout is postponed as it closes below a crucial resistance level, signaling potential downside; Ethereum shows signs of an upcoming rally after securing key support.
- Fetch.ai could see a bullish continuation if it maintains support at its current monthly level, according to crypto analyst Rekt Capital.
A respected crypto strategist, known pseudonymously as Rekt Capital, has issued a warning regarding Dogecoin (DOGE), suggesting that the popular memecoin might be on the brink of a significant retreat. This prediction comes after DOGE failed to surpass a critical diagonal resistance, a development observed keenly by the analyst’s substantial following of 363,900 on social media platform X.
Dogecoin: A Pivotal Moment
Rekt Capital’s analysis indicates a complicated scenario for Dogecoin, as it concluded the week below the channel top resistance, implying a postponed breakout. The strategist notes,
“Previous weekly closes like this [have led to] downside. However, if DOGE can hold the highs and reclaim the channel top as support – there may still be a chance.”
For a confirmed channel breakout, DOGE needs to transform the $0.07 resistance into support on the weekly chart. At the time of the report, DOGE is valued at $0.0697.
Ethereum and Fetch.ai: A Glimmer of Hope
Shifting focus to Ethereum (ETH), Rekt Capital observes potential for an uptrend, stating that ETH appears ready for a rally after successfully converting the $1,600 resistance into support. The analysis suggests a range formation between support and resistance levels, with implications that Ethereum might follow Bitcoin’s lead in breaking out from its re-accumulation range. Ethereum is currently trading at $1,813.
Fetch.ai (FET), a decentralized machine learning network, also garnered attention in the analyst’s report. Rekt Capital suggests that FET could experience a bullish continuation if it sustains above its monthly support at $0.3633, stating,
“+77% rally… Revisited black and even pressing beyond it. Black needs to hold as support if FET is to rally higher.”
At the time of the article, FET is valued at $0.363.
The detailed analysis from Rekt Capital provides a nuanced perspective on the current state of Dogecoin, Ethereum, and Fetch.ai, offering investors valuable insights as they navigate the volatile crypto markets.