Benzinga - A pseudonymous crypto analyst, Rekt Capital, has observed a complicated weekly close for Dogecoin (CRYPTO: DOGE), stating that the breakout has been postponed as the 1-week close occurred below the Channel Top resistance.
What Happened: This suggests a downside potential based on previous instances of such closes.
The chart depicted by Rekt Capital implies that DOGE may reach below $0.053. At the time of writing, DOGE was trading at $0.069.
However, the analyst notes that if DOGE "can hold the highs and reclaim the Channel Top as support — there may still be a chance.”
$DOGEComplicated Weekly Close for #dogecoin
1W Close occurred below the Channel Top resistance
This means that the #doge breakout is postponed
Previous 1W Closes like this -> downside
However if DOGE can hold the highs and reclaim the Channel Top as support – there may… https://t.co/oChRDTWvcc pic.twitter.com/HdrQHXTB1h
— Rekt Capital (@rektcapital) October 30, 2023
Will The SEC Finally Approve Long-Awaited Bitcoin Spot ETF? Ask industry experts directly at Benzinga's Future of Digital Assets event happening in NYC on Nov. 14, 2023. Be a part of the discussions where you won't just be a passive spectator. Don't let this chance slip away – secure early bird discounted tickets now!
See More: A Stay At The Floating Palace From James Bond's ‘Octopussy
Why It Matters: On the other hand, crypto analyst Ali Martinez has expressed optimism about Dogecoin’s recent breakout from a multi-year descending triangle on the DOGE weekly chart.
Martinez highlights this breakout, along with a buy signal from the TD Sequential indicator, as reinforcing the bullish outlook for DOGE. Confirming the buy signal within this timeframe strengthens the potential for further price appreciation.
Additionally, another crypto analyst, Crypto Tony, has commented on DOGE’s recent performance. He mentions that a weekly closure above a particular trendline would mark the first time in 700 days, suggesting a significant milestone for the cryptocurrency. Crypto Tony also highlights the rising popularity of meme coins such as Floki (CRYPTO: FLOKI) and Pepe Coin (CRYPTO: PEPE), underscoring their potential in the memecoin market.
Photo by milan2102 on Shutterstock
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.