A crypto strategist who rightly called the Bitcoin (BTC) correction earlier this year thinks a decentralized finance (DeFi) altcoin is about to explode.
Pseudonymous analyst Rekt Capital tells his 508,200 followers on the social media platform
The analyst shares a chart suggesting that PENDLE has successfully retested the neckline of an inverted head and shoulders pattern on the weekly chart, indicating that the altcoin is in a position to move higher.
“Technically, PENDLE achieved a good weekly close above the $4.48 (blue) level
Two weeks ago PENDLE broke blue as resistance.
Last week, PENDLE successfully retested it as support.
This week PENDLE must hold here for takeoff.’
A reverse head-and-shoulders pattern is a bullish reversal structure that indicates demand for an asset is increasing as investors rush in without waiting for the price to return to recent lows.
At the time of writing, PENDLE is trading at $5.04, up over 9% in the past day.
Looking at the layer 1 protocol Solana, Rekt thinks SOL is on track to move up next turn around two resistance levels as support.
“SOL has actually achieved a bullish weekly close.
Why? Because SOL closed weekly above the converging resistance area which is the blue diagonal trendline and the red box…
It appears that the retest after the outbreak was successful.”
At the time of writing, SOL is worth $179.77.
As for Dogecoin (DOGE), the analyst thinks the altcoin is showing constructive price action that would send the top memecoin towards its $0.20 target.
“Dogecoin has successfully retested the red level ($0.14) as support.
DOGE is up +26% since then.
Followed the orange path perfectly so far.”
At the time of writing, DOGE is trading at $0.175.
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Generated image: Midjourney
