This one may have done so as well, especially considering that Elon Musk is pro-crypto (he holds Bitcoin, Ethereum and DOGE) and the SEC is currently struggling to beat the fintech giant Ripple in court and has been doing so since December 2020.ĭuring the past 24 hours, Dogecoin demonstrated a mild rise, going up by 2.86%. ![]() Funding secured."Īs a rule, Musk's tweets, especially positive ones, provoke at least a slight and brief growth of the Dogecoin price. This fall happened despite the fact that the biggest DOGE fan and Twitter boss billionaire Elon Musk had been found innocent of charges in the "Tesla private 420 private-take case." The lawsuit was initiated against the tech mogul by the SEC in 2018 after he posted a tweet saying, "I'm taking Tesla private at $420. Since Saturday, Feb. 4, leading meme cryptocurrency DOGE has declined slightly more than 10%. Rekt Capital FebruDogecoin drops 10% since weekend Now it's all about follow-through #BTC #Crypto #Dogecoin /AjDaM7s2XQ Technically, DOGE is well-positioned for upside $DOGE has broken out from its Falling Wedge #DOGE also appears to have successfully retested the top of its Falling Wedge as support, to fully confirm the breakout Now, Rekt Capital wrote, "DOGE is well-positioned for upside," and it remains to be seen whether the coin will be pushed up or not: "It's now all about follow-through." The analyst and trader drew his readers' attention to the fact that DOGE had successfully completed the reverse pattern and even managed to retest the top of its Falling Wedge as support, thus showing a complete confirmation of the breakout. ![]() After a Rising Wedge, an asset has a high chance to begin declining. See the lesson on the head and shoulders pattern as well as the inverse head and shoulders for detailed instruction. They can also be part of a continuation pattern but not matter what it’s always considered bullish. That is a reverse pattern, after which the price of an asset is likely to head in an opposite direction - upward, in this case. Falling wedge patterns are wide at the top and contract to form the point as price moves lower. In a recent tweet, Rekt Capital stated that Dogecoin broke out from a Falling Wedge formation. “BTC’s outlook in the mid-to-long-term is bullish” Source: Rekt Capital/TwitterīTC is worth $27,627 at time of writing, down 0.6% in the last 24 hours.Pseudonymous crypto trader Rekt Capital who issues his own newsletter, (has shared a DOGE chart for his army of 335,000 Twitter followers, suggesting that the original meme token has a good chance to show a breakout.Ĭurrently, Dogecoin is trading at $0.09087, according to the CoinMarketCap data, showing a marginal rise in the past hour. The analyst says Bitcoin is now in a bullish trend, at least for the medium to long term. Zooming out, Rekt says that in the last several months, BTC has crossed above a long-term downward resistance that formed in late 2021. “Now that’s a really good BTC Weekly CloseīTC lost ~$27,600 as support two weeks ago and now has positioned itself for a retest/reclaim of this same levelĭip into black would be healthy and successful retest there could position BTC for a revisit of ~$28,800″ Source: Rekt Capital/Twitter Rekt Capital also says that BTC had a “great” weekly close, with its candle closing just above the $27,000 level. When the price breaks out of the upper trend line of the wedge, it’s traditionally considered bullish. As the pattern progresses, the distance between the highs and lows decreases, which indicates that the selling pressure is weakening. This chart pattern can be seen as a bearish reversal pattern after an uptrend or as a trend continuation pattern during a downtrend. The pattern is characterized by a series of lower highs and lower lows that form a wedge-shaped pattern on the chart. The rising wedge pattern is a very common formation that appears in any market and timeframe. Successful retest would confirm the Falling Wedge breakout.” Source: Rekt Capital/TwitterĪ falling wedge breakout is a technical analysis pattern that is used to identify potential bullish reversals in an asset’s price. “BTC has Weekly Closed right at the Falling Wedge resistance or just above itĮither way, BTC may be set for a dip to retest the top of this Falling Wedge as support Further contextualizing their claim, Rekt provides a chart detailing BTC breaking out of a falling wedge pattern and then retesting the upper boundary of the wedge to confirm the pattern.
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