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Prominent cryptocurrency analyst and strategist Rekt Capital has issued a warning that Dogecoin (DOGE), the largest memecoin, may be on the verge of a significant pullback after failing to surpass an important resistance level. The analyst also provided an updated outlook for altcoin king Ethereum (ETH) and Fetch.ai (FET).
Analyst’s Bearish Prediction for Dogecoin
Rekt Capital, an anonymous crypto analyst, highlighted on his personal Twitter account that Dogecoin failed to break a long-standing downtrend resistance trendline last week. According to the analyst, the recent price action of DOGE indicates that the memecoin is positioned to drop towards its support at around $0.053:
It was a complicated weekly close for Dogecoin, and unfortunately, it occurred below the upper resistance of the channel. This means that the breakout has been delayed. Previous weekly closes like this have resulted in price drops. However, if DOGE does not drop below the support trendline of this channel, there might still be a chance for an upward movement.
Looking at the price chart shared by the analyst, DOGE needs to break above the $0.07 resistance level on the weekly chart to confirm the breakout of the channel.
Analyst’s Thoughts on ETH and FET
Following Dogecoin, Rekt Capital is keeping a close eye on Ethereum, the altcoin king. The analyst stated that Ethereum looks ready for a rally after converting the $1600 resistance into support, saying, “Since breaking out of the BTC consolidation range, ETH has been forming a range between the orange support and green resistance. Perhaps ETH should be next.”
Another altcoin on the analyst’s radar is Fetch.ai, a decentralized machine learning network, with its native asset FET. Rekt Capital emphasized that the continuation of the uptrend for FET depends on it staying above the monthly support level at $0.3633:
It has experienced a 77% rally. It revisited and even surpassed the black resistance line. For FET to continue its upward movement, the black resistance line needs to hold as support (yellow circle).
