November 1, 2023
A crypto strategist warns that Dogecoin (DOGE) may experience a deep pullback after failing to break through a key resistance level. The pseudonymous analyst, Rekt Capital, notes that Dogecoin respected its multi-month diagonal resistance last week, indicating a potential fall to its support at around $0.053. The recent weekly close below the channel top resistance suggests that the DOGE breakout is postponed, with previous similar closes resulting in downside movement. However, if DOGE can hold its highs and reclaim the channel top as support, there may still be a chance for an upward move. On the weekly chart, DOGE needs to convert the $0.07 resistance into support to confirm the channel breakout. At the time of writing, DOGE is trading at $0.0697.
In addition to Dogecoin, the strategist is also monitoring Ethereum (ETH) and Fetch.ai (FET). Rekt Capital believes that Ethereum is poised for a rally after flipping the $1,600 resistance into support. The analyst suggests that ETH could follow in the footsteps of Bitcoin (BTC), which recently broke out from its re-accumulation range. At the time of writing, ETH is valued at $1,813. As for Fetch.ai, Rekt Capital predicts a bullish continuation if FET remains above its monthly support at $0.3633. The recent +77% rally and the ability to hold the black support level will be crucial for FET to rally higher. Currently, FET is trading at $0.363.
In conclusion, Dogecoin faces the possibility of a pullback as it struggles to overcome a key resistance level. Ethereum and Fetch.ai, on the other hand, show signs of potential rallies as they break through important resistance levels. Traders and investors should closely monitor these cryptocurrencies and consider the support and resistance levels mentioned to make informed decisions.
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