Crypto Analyst Says DeFi Altcoin Gearing Up for Liftoff, Updates Outlook on Solana and Dogecoin
A crypto strategist who accurately called the Bitcoin (BTC) correction earlier this year thinks a decentralized finance (DeFi) altcoin is getting ready to erupt. Pseudonymous analyst Rekt Capital tells his 508,200 followers on the social media platform X that the native asset of the yield tokenization protocol Pendle (PENDLE) looks poised to start a new uptrend. The analyst shares a chart suggesting that PENDLE has successfully retested the neckline of an inverse head and shoulders pattern on the weekly chart, indicating that the altcoin is in a position to move higher. “Technically, PENDLE has performed a good weekly close above the $4.48 (blue) level Two weeks ago, PENDLE broke blue as resistance. Last week, PENDLE successfully retested it as support. This week, PENDLE needs to continue holding here to lift-off.” Source: Rekt/X An inverse head and shoulders pattern is a bullish reversal structure suggesting that demand for an asset is on the ri...