The crypto strategist who pinpointed a correction in Bitcoin (BTC) earlier this year believes decentralized finance (DeFi) altcoins are poised to erupt.
Pseudonymous analyst Recto Capital tells his 508,200 followers on social media platform X that yield tokenization protocol PENDLE’s native asset is poised to start a new uptrend He said it seems like it.
The analyst shared a chart suggesting that Pendle has successfully retested the neckline of the inverted head-and-shoulders pattern on the weekly chart, indicating that the altcoin is positioned to move higher.
“Technically, PENDLE had a good weekly close above the $4.48 (blue) level.”
Two weeks ago, PENDLE broke blue as resistance.
Last week, PENDLE successfully retested as a support.
Pendle will need to continue to stay here this week to take off. ”
Source: Rekt/X
The inverted head-and-shoulders pattern is a bullish reversal structure that suggests that investors are rushing in without waiting for prices to return to recent lows, increasing demand for the asset.
At the time of writing, PENDLE is trading at $5.04, up over 9% in the past day.
Looking at Layer 1 protocol Solana, Rekt believes SOL is on a further upward trajectory after reversing two resistance levels as support.
“SOL actually posted a strong weekly close.
why? The SOL week ended above the blue diagonal trend line and the converging resistance area, the red box, so…
The retest after the breakout appears to have been successful. ”
Source: Rekt/X
As of this writing, SOL is worth $179.77.
As for Dogecoin (DOGE), analysts believe the altcoin is seeing constructive price action that will take the top meme coin to its $0.20 target.
“Dogecoin successfully retested the red level ($0.14) as support.
DOGE has since climbed +26%.
So far I’ve followed the orange path perfectly. ”
Source: Rekt/X
At the time of this writing, DOGE is trading at $0.175.
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