A widely followed crypto strategist thinks rallies are in sight for layer-1 blockchain Tron (TRX) and decentralized finance protocol (DeFi) Aave (AAVE).
Pseudonymous analyst Rekt Capital tells his 373,000 followers on social media platform X that TRX ended November bullish after the crypto asset closed above its monthly resistance at $0.10.
According to the analyst, TRX could see near-term dips to turn previous resistance levels into support before heading towards its upside target.
“Tron has closed above red monthly, meaning the price may now move higher for a bearish retest. The $0.10 level previously acted as resistance in late 2021 and may now be retested as support soon. Holding here would position TRX for a revisit of $0.13 (red).
At the time of writing, TRON is worth $0.103.
Looking at Aave, Rekt Capital says the crypto asset looks bullish and poised to reach its $111 target.
“Fantastic +20% movement after the successful retest. AAVE may have more upside to enjoy, up to $111 above (orange) over time.”
At the time of writing, AAVE is trading at $104.80.
The trader also updates his prediction on the decentralized oracle network Chainlink (LINK). Rekt Capital says Chainlink is likely to continue its uptrend as long as it trades above $14.00.
“CLUTCH
Still hold the bottom of the red box for support.
Continued price stability is needed here before Chainlink can resume its upward trend.”
At the time of writing, LINK is worth $16.06, up over 6% in the last 24 hours.
Looking at the interoperable blockchain Polkadot (DOT), Rekt Capital believes the altcoin is just beginning its upward trend.
“Polkadot has officially broken away from its large market structure. Any dip in the top of the pattern, if it occurs at all, will likely fully confirm the breakout in a new macro uptrend.”
At the time of writing, DOT is trading at $5.60, still above Rekt Capital’s diagonal resistance.
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Generated image: Midjourney