Widely followed crypto analyst Rekt Capital thinks the decentralized oracle network Chainlink (LINK) is ready to continue its recovery.
Rekt Capital tells his 352,300 followers on the social media platform
LINK fell to a recent low of $5.76 on September 11, which the crypto analyst believes is around the asset’s low support.
LINK has since risen almost 18% from that recent low and is trading at $6.79 at the 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% upside.
The analyst also says that Dogecoin (DOGE) respected its channel resistance in July and August. The top memecoin reached a high of almost $0.082 in late July and has since plummeted more than 23.7%, trading around $0.0623 at the time of writing.
“DOGE until now holds the canal bottom as support. The main market structure is still intact.”
As for Bitcoin (BTC), the trader say it is clear that the major crypto assets are in an ‘early bull market’.
However, he warns that Bitcoin could still witness another downward move, similar to the 2019 and 2015 market cycles.
“Long-term, the outlook is bullish. Intermediate? We may or may not have one last major correction in the next seven months. Will it happen? It would be wise to at least be ready if that happens.”
BTC is trading at $26,736 at the time of writing.
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Generated image: Midjourney