Widely followed crypto analyst Rekt Capital thinks the decentralized oracle network Chainlink (LINK) is primed to continue its recovery.
Rekt Capital tells his 352,300 followers on the social media platform X that LINK respected its range-high resistance after it surged in price in July.
LINK dropped to a recent low of $5.76 on September 11th, which the crypto analyst notes is around the asset’s range-low support.
LINK has since surged by nearly 18% from that recent low and is trading at $6.79 at time of writing. Rekt Capital predicts that LINK “should be able to revisit the range-high resistance” around $8.186, which would be an additional 20.5% increase.
The analyst also says Dogecoin (DOGE) respected its channel resistance in July and August. The top memecoin hit a high of nearly $0.082 in late July and has since plummeted by more than 23.7% and is trading around $0.0623 at time of writing.
“DOGE is holding the channel bottom as support thus far. Main market structure is still intact.”
Turning to Bitcoin (BTC), the trader says it’s clear that the top crypto asset is in an “early-stage bull market.”
However, he warns that Bitcoin could still witness one more move to the downside similar to its 2019 and 2015 market cycles.
“Long-term the outlook is bullish. Mid-term? Over the next seven months, we may or may not get one last major correction. Will it happen? It would be wise to at least be ready for it if it does.”
BTC is trading at $26,736 at time of writing.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxGenerated Image: Midjourney