Rekt Capital, an analyst closely followed by cryptocurrency investors, suggested that two leading altcoins could be preparing for an upward movement if the cryptocurrency markets continue to show strength.
Rise Momentum in DOT
The cryptocurrency analyst, known by the pseudonym Rekt Capital, stated on social media platform X that he is very close to confirming the potential upward trend of Polkadot (DOT), the rival of the leading smart contract platform Ethereum (ETH). The expert stated the following:
The DOT/USDT pair is currently at a critical resistance level of this triangle market structure. Previous retests here resulted in an upward wick beyond the diagonal resistance, so DOT needs to reclaim the downtrend as support to confirm a breakout.
At the time of writing, Polkadot is trading at $5, showing a 5.4% increase in the last 24 hours.
Following DOT, the cryptocurrency analyst focused on the decentralized machine learning network Fetch.ai (FET) and suggested that the token could turn an important resistance level into support. The analyst emphasized the following:
FET is currently in a retest phase. FET can turn this resistance level into support.
At the time of writing, FET is trading at $0.374, showing a 6.1% increase in the last 24 hours.
11 Dollar Prediction for LINK
Finally, the analyst mentioned that the decentralized oracle network Chainlink (LINK) recently broke out and may pull back to around $11 at some point to retest the previous resistance line. The senior analyst concluded his statements as follows:
Previous revisions of the monthly macro downtrend have resulted in upward wicks, so a retest of the macro downtrend, especially if a rejection from the red occurs in the near future, may require support to confirm the continuation of the upward trend.
