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Crypto Analyst Predicts Chainlink’s Downward Shift, Offers Fresh Insight on Bitcoin and Dogecoin

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  • Crypto analyst Rekt Capital predicts a potential downward shift for Chainlink after failing to breach its macro downtrend resistance.
  • The analyst provides new insights on Bitcoin and Dogecoin, citing key resistance points.

Prominent crypto analyst Rekt Capital, followed by over 348,800 Twitter users, has issued a warning about Chainlink (LINK), the decentralized oracle network. The analyst’s examination suggests a significant bearish trend for Chainlink after its inability to break its macro downtrend resistance.

Chainlink, Bitcoin, and Dogecoin: A Market Analysis

Chainlink’s most recent downturn signifies that the cryptocurrency is priming itself for a weekly close below the macro downtrend, consequently deferring its breakout. Rekt Capital interprets this as an indication that Chainlink continues to be range-bound. In an extreme scenario, Chainlink may experience a correction to as low as $6.13, a 16% retracement from its current price.

As of this writing, Chainlink’s value stands at $7.57, lower than the range high resistance on Rekt Capital’s monthly timeframe. This suggests that if Chainlink’s monthly close falls below the black range high resistance, it might be driven into the range low support of $6.13 as part of its consolidation within the designated range.

Moving to Bitcoin (BTC), the leading cryptocurrency has, according to Rekt Capital, lost its bullish market structure on the weekly chart. This came after BTC broke beneath its higher low setup at $29,500. However, Bitcoin seems to be maintaining a position above its horizontal support at $29,245. At the time of writing, BTC is valued at $29,290.

Lastly, for Dogecoin (DOGE), the leading memecoin, Rekt Capital notes it is currently adhering to its diagonal resistance at $0.081. The analyst’s report reveals DOGE’s pattern resistance, providing insight into potential trends for the cryptocurrency. At the moment, DOGE is trading at $0.078.

This analysis of Chainlink, Bitcoin, and Dogecoin emphasizes the dynamic and unpredictable nature of the crypto market. Investors and traders are urged to keep a close watch on these market movements and adjust their strategies accordingly.

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Godfrey Benjamin
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose primary goal is to educate everyone about the prospects of Web 3.0. His love for crypto was sparked during his time as a former banker when he recognized the clear advantages of decentralized money over traditional payments. Business Email: info@ethnews.com Phone: +49 160 92211628