The renowned cryptocurrency trader and analyst Rekt Capital revealed in a YouTube video that several altcoins seem to be breaking out of a long-term “macro bearish” trend. In the analysis, he predicted that altcoins like Polkadot (DOT), Avalanche (AVAX), Stellar (XLM), Solana (SOL), as well as THORChain (RUNE), and Polygon (MATIC) may transition into new macro uptrends in the next few months.
The analyst shared that DOT was attempting to escape a falling wedge pattern that had formed on its monthly chart. Rekt Capital predicted that the altcoin reclaiming a position above the chart pattern could give it the foundation needed to enter into a strong bullish move. Should this thesis play out, he believes that DOT’s price could climb to above $10.
Monthly chart for DOT/USDT (Source: TradingView)
Similarly, AVAX was also in the process of trying to break out from a bearish pattern. The analyst stated that the $32 mark is the next major resistance level on AVAX’s chart, which means there is a fair amount of room for the altcoin to grow. He did, however, state that a healthy dip may be needed for the cryptocurrency’s value to overcome this barrier.
Monthly chart for AVAX/USDT (Source: Rekt Capital)
The Ethereum-killer, SOL, was also covered in the analysis as it attempts to establish a position above $60. Rekt Capital believes that SOL has the potential to rise higher than the psychological $60 point and could possibly surge to as high as $70-$100. Rekt Capital shared that an “upside wick” could form on its monthly chart, which would foreshadow the breakout.
Monthly chart for SOL/USDT (Source: TradingView)
With regards to RUNE, MATIC, and XLM, all three altcoins had also broken out of bearish trends on their respective monthly charts, according to the analyst. RUNE has the potential to soar to as high as $20 in the coming months, while his upside target for MATIC is the significant $1 benchmark.
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