AcryptostrategistwhoaccuratelycalledtheBitcoin(BTC)correctionearlierthisyearthinksadecentralizedfinance(DeFi)altcoinisgettingreadytoerupt.
PseudonymousanalystRektCapitaltellshis508,200followersonthesocialmediaplatformXthatthenativeassetoftheyieldtokenizationprotocolPendle(PENDLE)lookspoisedtostartanewuptrend.
TheanalystsharesachartsuggestingthatPENDLEhassuccessfullyretestedthenecklineofaninverseheadandshoulderspatternontheweeklychart,indicatingthatthealtcoinisinapositiontomovehigher.
“Technically,PENDLEhasperformedagoodweeklycloseabovethe$4.48(blue)level
Twoweeksago,PENDLEbrokeblueasresistance.
Lastweek,PENDLEsuccessfullyretesteditassupport.
Thisweek,PENDLEneedstocontinueholdingheretolift-off.”
Source:Rekt/X
Aninverseheadandshoulderspatternisabullishreversalstructuresuggestingthatdemandforanassetisontheriseasinvestorspileinwithoutwaitingforpricetorevisitrecentlows.
Attimeofwriting,PENDLEistradingfor$5.04,upover9%inthepastday.
Lookingatthelayer-1protocolSolana,RektthinksSOLisontracktomovehigherafterflippingtworesistancelevelsassupport.
“SOLhasactuallyperformedabullishweeklyclose.
Why?BecauseSOLweeklyclosedabovetheconfluentresistanceareathatisthebluediagonaltrendlineandredbox…
Lookslikethepost-breakoutretesthasbeensuccessful.”
Source:Rekt/X
Attimeofwriting,SOLisworth$179.77.
AsforDogecoin(DOGE),theanalystthinksthealtcoinisflashingconstructivepriceactionthatwouldsendthetopmemecointohistargetat$0.20.
“Dogecoinhassuccessfullyretestedtheredlevel($0.14)assupport.
DOGEhassincerallied+26%totheupside.
Followingtheorangepathwayperfectlythusfar.”
Source:Rekt/X
Attimeofwriting,DOGEistradingfor$0.175.
GeneratedImage:Midjourney
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