A widely followed crypto trader is taking a deep dive into the exploding altcoin markets, starting with Dogecoin (DOGE).
Pseudonymous crypto analyst Rekt Capital tells his 364,700 followers on the social media platform X that DOGE’s weekly close will be the most important signal of what’s to come.
“That ‘buy-the-dip’ behavior we saw yesterday is looking like relief under key resistance
However, there has been no strong DOGE rejection & downside continuation
Most important signal is a Weekly Close above Channel Top to confirm a breakout.”
DOGE is worth $0.068 at time of writing, down 3.8% in the last week.
“Great performance from SOL.
But what’s next?
Historically, SOL has upside wicked and/or deviated beyond this purple region before rejecting and it looks like this time may be no different.
These historical rejections would precede downside into the bottom of the purple area, with scope for downside volatility below this area.
The green path outlines this propensity from SOL to upside and downside deviate inside this purple area.
Generally, this purple area is a range where SOL could enjoy a bout of consolidation before further upside, over time.”
SOL is trading for $40 at time of writing, up 23.5% in the last week.
“STX is following the green path perfectly, dipping into the orange dashed level for a retest.
Downside wicking below this point is possible as part of a volatile retest (e.g. wicking to $0.56), but generally STX needs to hold here to maintain bullish bias.
Moment of truth.”
STX is worth $0.654 at time of writing, up 5.7% in the last 24 hours.