Expert Crypto Analyst Cautions on Chainlink’s Potential Downside, Provides Bitcoin and Dogecoin Outlook

In the fast-paced world of cryptocurrencies, a seasoned crypto strategist is sounding the alarm for Chainlink (LINK), one of the leading decentralized oracle networks. Rekt Capital, a pseudonymous analyst with a massive following of 348,800 Twitter users, has raised concerns about LINK’s potential downside movement.

The crux of the issue lies in Chainlink’s inability to break out of its macro downtrend resistance. This recent drawback, according to the analyst, has positioned the cryptocurrency for a potential bearish trend. As the weekly close approaches, the failure to overcome the macro downtrend has postponed any hopes of a bullish breakout.

Rekt Capital has meticulously analyzed the data, and his findings indicate that LINK is currently range-bound. In a worst-case scenario, the cryptocurrency could experience a substantial correction, leading it all the way down to $6.13. This represents a significant 16% retracement from its current value.

Discussing the implications further, the analyst highlights the possibility of LINK dropping into the range low support at $6.13 as part of its range-bound consolidation within the black-black range. For investors and enthusiasts, this warning sign calls for vigilance and a close watch on the market.

Moving on to Bitcoin (BTC), Rekt Capital shares insights into the crypto king’s recent performance. According to his analysis, Bitcoin lost its bullish market structure on the weekly chart after breaking below its higher low setup at $29,500. Despite this setback, the digital asset has managed to stay above its crucial horizontal support level at $29,245, which provides some reassurance to the crypto community.

As of the time of writing, Bitcoin’s value stands at $29,290, making it a crucial time for traders and investors to monitor its movements closely.

On the Dogecoin (DOGE) front, Rekt Capital points out that the beloved memecoin is currently respecting its diagonal resistance at $0.081. This indicates potential challenges ahead for Dogecoin’s price movement.

As of the time of writing, Dogecoin is trading at $0.078, prompting speculators and enthusiasts to keep an eye on its performance and whether it can overcome the resistance.

In the ever-changing world of cryptocurrencies, staying informed and analyzing market trends are vital for making well-informed decisions. Rekt Capital’s warnings and insights serve as valuable reminders to exercise caution and diligence while navigating the turbulent waters of the crypto market. Investors and traders should carefully consider these factors as they chart their course in the crypto landscape.

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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.