A Breakout Is Near! Analyst Reveals Target Level for This Altcoin

Estimated read time 2 min read

An anonymous crypto analyst known for accurately predicting Bitcoin’s correction movement now suggests that Pendle (PENDLE), a DeFi altcoin, is gearing up for a major breakout.

Pendle (PENDLE) Analysis

Crypto analyst Rekt Capital notes that PENDLE, the native asset of Pendle’s yield tokenization protocol, is currently retesting the neckline of an inverse head and shoulders pattern on the weekly chart. This pattern, according to the analyst, places PENDLE in a solid position for an upward movement.

“Technically, PENDLE achieved a strong weekly close above the $4.48 level,” Rekt Capital explains. “After breaking the blue resistance level two weeks ago, PENDLE retested it as support last week. Holding this level this week is critical for further gains.”

Solana (SOL) Update

Rekt Capital also highlights Solana (SOL), observing that the layer-1 blockchain recently turned two major resistance levels into support, potentially setting up for continued gains.

“SOL delivered a bullish signal by closing above the blue diagonal trendline and red resistance zone on the weekly chart,” the analyst says. “It appears that the post-breakout retest has been successful, further validating the bullish outlook.”

Dogecoin (DOGE) Heading Toward Target

The analyst notes that Dogecoin (DOGE) has shown positive price action and is on track toward the $0.20 target.

“DOGE recently tested the $0.14 support line, followed by a 26% surge,” Rekt Capital remarks. “So far, it’s following the predicted path precisely.”

Current Market Overview

At the time of writing, Pendle (PENDLE) is trading at $5.04, up by 9% in the past 24 hours. Solana (SOL) is trading at $179.77, and Dogecoin (DOGE) holds around $0.175.

Rekt Capital’s analysis suggests that crypto investors should keep a close watch on PENDLE, SOL, and DOGE. However, the analyst advises that investors remain cautious of market volatility and prioritize risk management.

In conclusion, making informed decisions is key in the cryptocurrency market. For more insights, stay tuned to Dey There.

Pendle, DeFi, Solana, Dogecoin, breakout

Ezeudo Nwosu

Ezeudo Nwosu is a blockchain and cryptocurrency professional with over 8 years of experience in the industry. With a background in software engineering, Ezeudo has been at the forefront of developing innovative blockchain solutions that address key challenges in various sectors. His work includes leading blockchain integration projects and advising on the creation of decentralized applications (dApps). Ezeudo is recognized for his deep technical knowledge and his ability to translate complex blockchain concepts into practical applications. At DT NEWS, he offers expert insights into the latest developments in blockchain technology and cryptocurrencies, helping readers stay informed about the future of digital finance.

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