A Crypto Analyst Warns of a Potential Dogecoin Pullback
A popular crypto strategist is cautioning that Dogecoin (DOGE) could experience a significant pullback after failing to surpass a crucial resistance level. The pseudonymous analyst, Rekt Capital, states on social media platform X that Dogecoin respected its multi-month diagonal resistance last week. Based on the trader’s observations, DOGE’s price action suggests that the memecoin might drop to its support at around $0.053.
Key Resistance Level Holds Dogecoin Back
The weekly close for Dogecoin was below the channel top resistance, which means that the anticipated breakout is delayed. Previous weekly closes with similar patterns have resulted in downward movements. However, if DOGE manages to hold its highs and reclaim the channel top as support, there may still be hope for an upward move.
Ethereum and Fetch.ai Also in Focus
In addition to Dogecoin, the crypto strategist is closely monitoring Ethereum (ETH) and Fetch.ai (FET). Rekt Capital believes that Ethereum is primed for a rally after successfully turning resistance at $1,600 into support. Meanwhile, Fetch.ai is expected to witness a bullish continuation if it remains above its monthly support at $0.3633.
Conclusion: Watch Out for a Dogecoin Pullback
While Dogecoin faces potential downward pressure due to its inability to break through a key resistance level, Ethereum and Fetch.ai show promise for future gains. Traders should closely monitor these cryptocurrencies as they navigate their respective price levels and support areas.
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