A crypto strategist who accurately called the Bitcoin (BTC) correction earlier this year believes a decentralized finance (DeFi) altcoin is preparing to break out.
Pseudonymous analyst Rekt Capital tells his 508,200 followers on social media platform
The analyst shares a chart suggesting that PENDLE has successfully retested the neckline of an inverted head and shoulders pattern on the weekly chart, indicating that the altcoin is in a position to move higher.
“Technically, PENDLE achieved a good weekly close above the $4.48 level (blue).
Two weeks ago, PENDLE turned blue as resistance.
Last week, PENDLE successfully retested it as a support.
This week, PENDLE must continue to hold here to take off.
An inverted head and shoulders pattern is a bullish reversal pattern suggesting that demand for an asset is on the rise as investors rush in without waiting for the price to return to recent lows.
At the time of writing, PENDLE is trading at $5.04, up over 9% over the past day.
Looking at the Solana layer 1 protocol, Rekt believes SOL is on track to rise after reversing two resistance levels as support.
“SOL actually made a bullish weekly close.
For what? Because GROUND Every week the close is above the confluent resistance zone which is the blue diagonal trendline and the red box…
Looks like the new post-escape test was successful.
At the time of writing, SOL is worth $179.77.
As for Dogecoin (DOGE), the analyst believes the altcoin is showing constructive price action that would send top memecoin to its target at $0.20.
“Dogecoin successfully retested the red level ($0.14) as support.
DOGE has since risen +26% higher.
I’ve followed the orange route perfectly so far.
At the time of writing, DOGE is trading at $0.175.
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