A renowned crypto strategist believes that two altcoins may be getting ready to break out as digital asset markets continue to show strength. The analyst, known as Rekt Capital, has a significant following on the social media platform X, and he has shared his insights with his 366,100 followers, suggesting that Ethereum (ETH) competitor Polkadot (DOT) and decentralized machine learning network Fetch.ai (FET) are prime candidates for bullish breakouts.
In a recent tweet, the analyst pointed out that Polkadot is potentially in the midst of confirming a bullish reversal. He stated, “DOT/USDT: now at the crucial resistance of this triangular market structure. Previous revisits here ended in an upside wick beyond the diagonal resistance, which is why DOT needs to reclaim the downtrend as support to confirm a breakout.” Polkadot is currently trading at $5 and has seen a 5.4% increase in the last 24 hours.
Next, the analyst turned his attention to Fetch.ai, suggesting that it may flip a key resistance level into support. He tweeted, “FET: retest is now in progress.” Fetch.ai is currently trading at $0.374, up 6.1% in the last 24 hours.
Lastly, the analyst discussed the prospects for decentralized oracle provider Chainlink (LINK), indicating that it will likely dip to around the $11 level at some point to retest its previous resistance line, which he believes was recently broken. He said, “Previous revisits of the monthly macro downtrend ended up in upside wicks, which is why a retest of the macro downtrend as support may be needed to confirm further trend continuation to the upside, especially if a rejection from red occurs soon.” Chainlink is currently trading for $13.95, up more than 93% in the last 30 days.
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In summary, Rekt Capital’s analysis suggests that Polkadot, Fetch.ai, and Chainlink are potentially poised for bullish breakouts in the near future.
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