A widely followed analyst is leaning bullish on layer-1 blockchain Avalanche (AVAX) while offering his forecast for the flagship memecoin Dogecoin (DOGE) and interoperable chain Polkadot (DOT).

The analyst pseudonymously known as Rekt Capital tells his 518,000 followers on the social media platform X that Avalanche witnessed a strong November.

“Avalanche performed a historically bullish monthly close above the light blue level of $38.57.

Any dips [below $38.57] in the future would be a retest attempt, in a very similar fashion to the retests from Sept 2021 and March 2024 (green/orange circles).”

Based on the trader’s chart, he seems to suggest that AVAX tends to rally after retesting $38.57 as support.

Avalanche is trading at $51.14 at time of writing, up over 12% in the past day.

Next up is Polkadot. The widely followed analyst says the 17th-largest crypto asset by market cap also recorded a “bullish monthly close” to reach a level last witnessed in April.

“DOT is also showing very early signs of retesting this level [at around $8.61] into new support.

DOT needs to continue doing this to enable further upside.

Price stability at $8.61 = crucial.”

Polkadot is trading at $10.24 at time of writing, up nearly 7% in the last 24 hours.

As for Dogecoin, Rekt Capital notes the flagship memecoin has broken out from the upper boundary of an ascending triangle pattern that had formed on the daily time frame. In technical analysis, an ascending triangle breakout is considered bullish.

“Any dips into the top of the pattern [at around the $0.43 level], if needed, would constitute a post-breakout retest to confirm the breakout.”

Dogecoin is trading at $0.421.

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A closely followed crypto analyst says one catalyst could send the altcoin market soaring for months.

The analyst pseudonymously known as Rekt Capital tells his 100,000 YouTube subscribers that if Ethereum (ETH) breaks through a key resistance level “the next few months are going to be life-changing.”

“Breaking out would enable a massive influx of money flow into smaller altcoins. And Ethereum breaking out to new all-time highs would be a major catalyst on a technical side in making all these other altcoins rally quite substantially.”

According to the trader, ETH needs to break through $4,000 to ignite massive altcoin rallies.

“It’s weekly closes and successful retests [at the $4,000 level] that have enabled moves to essentially new all-time highs. So $4,500 would occur once we actually managed a weekly close inside here and retest this [$4,000 level] as support. That would enable a revisit of old all-time highs, and probably upon breaking $4,500, rally into essentially new all-time highs and price discovery.”

Ethereum is trading for $3,595 at time of writing.

He also shares an OTHERS chart, which depicts the total crypto market cap excluding the top ten coins to gauge altcoin market strength, and suggests that alts may surge like they did in 2021.

“Now we’re seeing a weekly close and retest here, and a successful retest here would enable upside from $315 billion to $425 billion…

When we weekly closed and retested this region [in 2021], we saw expansion in altcoin market cap to new all-time highs, essentially…

If we’re able to hold here for a few weeks, that would enable a move into $425 billion.”

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A top analyst who accurately called the end of the 2022 crypto bull market thinks Ethereum (ETH) is poised to rally in both its Bitcoin (ETH/BTC) and US dollar pairs.

Pseudonymous analyst Pentoshi tells his 826,200 followers on the social media platform X that ETH/BTC looks good after respecting its support at 0.30 BTC.

According to the crypto strategist, ETH/BTC may bounce to as high as 0.4597 BTC.

“Very promising start.

Let’s see if we can get to the target.” 

At time of writing, ETH/BTC is trading for 0.0373 BTC worth $3,563.

As for Ethereum against the dollar, Pentoshi thinks it is within the realm of possibility for ETH to surge above $4,000.

“No reason this doesn’t challenge this year’s highs, or higher in my opinion.

Which likely has confluence with the ETH/BTC target posted.”

He also thinks that the rally will be driven by investors allocating hundreds of millions of dollars in capital to ETH-based exchange-traded funds (ETFs).

“Starting to become more consistent for ETH. 

We could see a few $250-$500 million days at some point too in the near future for this [BlackRock ETH] ETF. Had a $91 million day just in the last week.

Probability of that you have to assume is very high and not far stretched at all.” 

Pentoshi is also keeping a close watch on the native asset of the graphics processing unit (GPU) rendering network Render (RENDER). The analyst says RENDER looks bullish after flipping a key resistance level at $8.10 as support.

“Was a very short wait, RENDER flipped it, retested, and confirmed on the four-hour [chart].

Structurally a great looking chart.” 

At time of writing, RENDER is worth $8.61, up over 8% in the past day.

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