Analyst Sees Avalanche (AVAX) Printing Bullish Technical Pattern, Updates Outlook on Polkadot and Dogecoin
A widely followed analyst is leaning bullish on layer-1 blockchain Avalanche (AVAX) while offering his forecast for the flagship memecoin Dogecoin (DOGE) and interoperable chain Polkadot (DOT).
The analyst pseudonymously known as Rekt Capital tells his 518,000 followers on the social media platform X that Avalanche witnessed a strong November.
“Avalanche performed a historically bullish monthly close above the light blue level of $38.57.
Any dips [below $38.57] in the future would be a retest attempt, in a very similar fashion to the retests from Sept 2021 and March 2024 (green/orange circles).”
Based on the trader’s chart, he seems to suggest that AVAX tends to rally after retesting $38.57 as support.
Avalanche is trading at $51.14 at time of writing, up over 12% in the past day.
Next up is Polkadot. The widely followed analyst says the 17th-largest crypto asset by market cap also recorded a “bullish monthly close” to reach a level last witnessed in April.
“DOT is also showing very early signs of retesting this level [at around $8.61] into new support.
DOT needs to continue doing this to enable further upside.
Price stability at $8.61 = crucial.”
Polkadot is trading at $10.24 at time of writing, up nearly 7% in the last 24 hours.
As for Dogecoin, Rekt Capital notes the flagship memecoin has broken out from the upper boundary of an ascending triangle pattern that had formed on the daily time frame. In technical analysis, an ascending triangle breakout is considered bullish.
“Any dips into the top of the pattern [at around the $0.43 level], if needed, would constitute a post-breakout retest to confirm the breakout.”
Dogecoin is trading at $0.421.
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Author: Mark Emem
