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A notable analyst in the cryptocurrency realm has raised concerns about the future trajectory of Dogecoin (DOGE) following its inability to surpass a crucial resistance level. An analyst known as Rekt Capital out that Dogecoin recently honored its long-standing diagonal resistance. The analyst highlighted behavior last week, indicating a potential decline toward its support around $0.053. Emphasizing a complex weekly closure for Dogecoin, the analysis noted that the weekly closure happened under the upper boundary of the established channel, delaying the anticipated DOGE breakout. Such previous weekly closures under similar conditions have historically led to downward trends. However, there remains a chance for a positive turn if DOGE manages to sustain its current levels and reclaim the upper channel as a supportive range. Based on the analyst’s chart, it is suggested that DOGE needs to convert its resistance at $0.07 into a sustainable support level on the weekly chart to confirm the breakout within the channel. At the time of this analysis, DOGE is trading at $0.0697. Additionally, the analyst is observing the price movements of Ethereum ( ) and anticipates a potential upsurge, particularly after ETH successfully converted the $1,600 resistance into a supportive level. Mentioning a range formation between orange support and green resistance, the analysis draws parallels with Bitcoin’s prior breakout and hints that Ethereum might follow suit. The analyst’s attention also to Fetch.ai (FET), a decentralized machine learning network, suggesting a positive trend continuation if it maintains levels above its monthly support at $0.3633. Noting a considerable 77% rally and emphasizing the importance of a critical support level, the analysis underlines the significance of this level (depicted in black) for a potential rally to higher values (highlighted in the yellow circle).
Read more: coinspress
