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.”
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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.
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