Chainlink (LINK), a decentralized oracle network, is expected to continue its recovery, according to crypto analyst Rekt Capital. In a tweet to his 352,300 followers on the social media platform, Rekt Capital noted that LINK respected its range-high resistance after a price surge in July. Although LINK dropped to a recent low of $5.76 on September 11th, it has since experienced a nearly 18% surge and is currently trading at $6.79. Rekt Capital predicts that LINK may revisit the range-high resistance of $8.186, which would represent an additional 20.5% increase.
Rekt Capital also observed that Dogecoin (DOGE) respected its channel resistance in both July and August. Despite reaching a high of nearly $0.082 in late July, DOGE has since plummeted by over 23.7% and is currently trading around $0.0623. However, Rekt Capital believes that DOGE is holding the channel bottom as support and that its main market structure remains intact.
When it comes to Bitcoin (BTC), Rekt Capital believes that the top crypto asset is currently in an “early-stage bull market.” However, he also warns that Bitcoin could still experience one more downward move similar to its market cycles in 2019 and 2015. Rekt Capital suggests that investors should be prepared for the possibility of a major correction in the next seven months, although the long-term outlook for Bitcoin remains bullish. BTC is currently trading at $26,736.
It’s important to note that the opinions expressed by Rekt Capital and other analysts are not investment advice. Investors should conduct their own research and due diligence before making high-risk investments in Bitcoin, cryptocurrency, or digital assets.
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In conclusion, Chainlink is expected to continue its recovery, with a potential revisit to its range-high resistance. On the other hand, Dogecoin has experienced a significant drop in price but is still holding support, according to Rekt Capital. Bitcoin is currently in an early-stage bull market, although investors should be prepared for a possible major correction in the coming months. As always, it is crucial for investors to conduct their own research and make informed decisions when investing in cryptocurrencies.
