A well-known crypto analyst, Rekt Capital, has expressed his belief that Dogecoin (DOGE), the popular memecoin, is likely to experience a significant decline in value after its strong performance last month. According to the analyst, DOGE’s failure to break through the resistance of a falling wedge pattern indicates a bearish outlook for the coin.
Rekt Capital suggests that in a worst-case scenario, DOGE could plummet all the way down to the diagonal support of the pattern, which is around $0.055. This downside target implies a potential decrease of over 29% from the current price of $0.078.
As for Bitcoin (BTC), Rekt Capital remains bullish on the top cryptocurrency, as the bulls successfully defended the support level at $29,250. The analyst believes that BTC’s ongoing retest of this support level indicates that the price is likely to bounce back and continue its upward trend.
Turning to Ethereum (ETH), Rekt Capital notes that the second-largest smart contract platform must maintain its immediate support at $1,863 in order to have a chance at surpassing the $2,000 mark in the coming weeks. The analyst suggests that a strong hold at this level would pave the way for a potential rally towards $2,275.
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In addition to major cryptocurrencies, Rekt Capital also has his eyes on TomoChain (TOMO), a rival to Ethereum. The analyst warns that TOMO appears to be on the verge of a correction after closing the month of July below its high timeframe resistance at $1.60. Rekt Capital states that a monthly close below this resistance level could potentially lead to a downside movement within the black-red range.
At the time of writing, TOMO is valued at $1.42.
It’s important to note that the views expressed by Rekt Capital are his own opinions and should not be considered as investment advice. Investors are advised to conduct thorough research and analysis before making any high-risk investments in cryptocurrencies like Bitcoin, Dogecoin, Ethereum, or TomoChain.
In summary, Rekt Capital predicts a potential downside for Dogecoin, with a worst-case scenario projection of $0.055. However, the analyst remains bullish on Bitcoin and believes Ethereum has a chance to rally above $2,000 if it can hold its immediate support at $1,863. Rekt Capital also warns of a possible correction for TomoChain after failing to break its high timeframe resistance. Investors should exercise caution and conduct their own due diligence before making any investment decisions.
