A widely followed crypto analyst is warning that an Ethereum-based (ETH) altcoin could plummet after being rejected at a key level.
Pseudonymous crypto strategist Rekt Capital tells his 384,800 followers on social media platform X, decentralized oracle provider Chainlink (LINK), have broken under the diagonal support of an ascending channel chart pattern.
Rekt Capital notes that LINK needs to keep its immediate support around $13.50 to avoid a deeper corrective move.
“LINK: rejected from the base of the structure.
This means that the breakdown of the blue market structure has been confirmed. As a result, LINK will likely move towards the bottom of the red area again.
We must hold on to that to avoid a period of setbacks.”
At the time of writing, LINK is trading at $13.65, up more than 2% in the last 24 hours.
Moving on to the crypto king Bitcoin (BTC), Rekt Capital says he for eyes the top crypto asset by market cap will go parabolic in 2024 after the April halving.
The halving, which halves BTC miners’ rewards, is an event that has historically coincided with Bitcoin’s bull runs.
Says Rekt Capital,
“BTC: time for a correction before the halving is slowly running out (orange).
Then it will be the pre-halving rally (light blue).
Then a pre-halving dip (blue circle).
Then reaccumulation after the halving (red).
Then parabolic after the halving upwards (green).
The analyst continues remark that BTC has successfully turned the top of its trading range into support, paving the way for a move above $45,000.
“Bitcoin successfully retested the top of the pattern to confirm the breakout. As a result, the price is technically positioned for trend continuation.
Now it’s all about the follow-up from here.”
Bitcoin is trading at 44,128 at the time of writing, up fractionally over the past 24 hours.
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Featured image: Shutterstock/Marko Aliaksandr/Fotomay