Cryptocurrency Analyst Forecasts Bearish Trend for Dogecoin and Chainlink, Points to Bitcoin’s Notable Rejection Signal
Prominent Crypto Analyst Updates Audience on Dogecoin (DOGE), Chainlink (LINK), and Bitcoin (BTC) Status.
Rekt Capital, a well-regarded pseudonymous crypto trader with a substantial following of 349,600 on Twitter, offers insights into the current state of Dogecoin (DOGE), Chainlink (LINK), and Bitcoin (BTC).
For DOGE, the Shiba Inu (SHIB) competitor, Rekt Capital suggests a potential continuation of its downward trajectory. The analyst highlights the possibility of DOGE retracing into the lower regions of a downtrending channel. A crucial indicator would be a Weekly Close above the Channel Top to counteract the downside continuation seen in previous periods.
At the time of writing, DOGE is valued at $0.076.
Regarding Chainlink (LINK), Rekt Capital observes that the blockchain oracle token is attempting to break out against its downtrend but is encountering resistance at present. The token’s challenge against the Macro Downtrend for a breakout is noted, even though there seems to be a current rejection from this point.
Currently, LINK is trading at $7.67, reflecting a 2.3% decrease in the past 24 hours.
Turning to Bitcoin (BTC), the analyst raises a question about whether the cryptocurrency can maintain its existing price levels until the week’s end. Following a recent robust rejection, BTC is holding just above the approximately $29,250 level. The focus is on whether BTC can sustain this position, aiming for stability leading up to the Weekly Close.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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