Crypto Analyst Issues Dogecoin Warning, Says DOGE Breakout Is Postponed After Complicated Weekly Close
A closely followed crypto strategist is warning that Dogecoin (DOGE) may be on the verge of a deep pullback after failing to take out a key resistance level. Pseudonymous analyst Rekt Capital tells his 363,900 followers on the social media platform X that Dogecoin respected its multi-month diagonal resistance last week. According to the trader, DOGE’s price action last week suggests that the memecoin is positioned to fall to its support at around $0.053. “Complicated weekly close for Dogecoin. [Weekly] close occurred below the channel top resistance. This means that the DOGE breakout is postponed. Previous weekly closes like this -> downside However, if DOGE can hold the highs and reclaim the channel top as support – there may still be a chance.” Source: Rekt Capital/X Looking at the trader’s chart, it appears that DOGE needs to convert resistance at $0.07 into support on the weekly chart to confirm the channel breakout. At time ...