A closely followed crypto strategist believes that two altcoins may be gearing up for breakouts as digital asset markets continue to show strength.
Pseudonymous analyst Rekt Capital tells his 366,100 followers on the social media platform X that Ethereum (ETH) competitor Polkadot (DOT) is potentially in the midst of confirming a bullish reversal.
“DOT/USDT: now at the crucial resistance of this triangular market structure. Previous revisits here ended in an upside wick beyond the diagonal resistance, which is why DOT needs to reclaim the downtrend as support to confirm a breakout.”
Polkadot is trading for $5 at time of writing, up 5.4% in the last 24 hours.
Next up, the trader says that the decentralized machine learning network Fetch.ai (FET) may flip a key resistance level into support.
“FET: retest is now in progress.”
FET is trading for $0.374 at time of writing, up 6.1% in the last 24 hours.
Lastly, the trader says that decentralized oracle provider Chainlink (LINK) will likely dip to around the $11 level at some point to retest its previous resistance line, which he says was recently broken.
“Previous revisits of the monthly macro downtrend ended up in upside wicks, which is why a retest of the macro downtrend as support may be needed to confirm further trend continuation to the upside, especially if a rejection from red occurs soon.”
Chainlink is trading for $13.95, up more than 93% in the last 30 days.
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Featured Image: Shutterstock/SVPanteon/David Sandron