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
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