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Cryptocurrency analyst Rekt Capital has provided bullish signals for Dogecoin 
$0.163683 (DOGE). In a post on social media platform X, he stated that DOGE is currently trending upward. The analyst noted that the popular memecoin is progressing within a technical pattern and urged caution among market participants.
DOGE Trades Within an Ascending Triangle Formation
Rekt Capital expressed that Dogecoin is trading within an ascending triangle formation. This technical model typically indicates that prices are consolidating before a potential breakout. The analyst remarked, “If Dogecoin is indeed forming an ascending triangle, memecoins could see a resurgence in capital flow.” However, he emphasized that this upward movement needs to be confirmed, noting that daily closes must occur above the model’s peak.
Currently, DOGE is trading at $0.432, which is slightly above the horizontal resistance level of the pattern. Rekt Capital believes that if Dogecoin can permanently surpass this resistance, it could gain significant momentum.
Memecoins May Recover Their Support Levels
Rekt Capital highlighted a resurgence in the memecoin market. While altcoins have been converting old resistance levels into new supports, memecoins experienced a temporary loss of support. However, the analyst suggested, “Memecoins are currently rallying and could regain these supports,” painting an optimistic picture for the market.
The analyst also pointed out critical technical levels for Polkadot (DOT) and Fetch AI (FET). He noted that a weekly close above $8.60 for Polkadot would be significant, stating, “Polkadot is testing this level as support. A successful test could pave the way for upward movement.”
For Fetch AI (FET), he expressed a similar viewpoint, stating that it needs to convert the $1.77 resistance into a support level. He added that this move could initiate a broader upward trend for FET.
Rekt Capital stressed that technical analyses are crucial for determining short-term market trends. However, long-term movements can be influenced by broader economic factors. He advised investors to develop their strategies while considering these factors.
