Analyst Warns of Potential Decline in Dogecoin (DOGE) as Competitor Shiba Inu (SHIB) Gains Momentum - COINTURK NEWS
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Analyst Warns of Potential Decline in Dogecoin (DOGE) as Competitor Shiba Inu (SHIB) Gains Momentum

12:44 am (42 days ago)
August 11, 2023

A widely followed cryptocurrency analyst shared his views on Dogecoin (DOGE), Chainlink (LINK), and Bitcoin (BTC) with his followers. The analyst, known as Rekt Capital, also mentioned that DOGE’s rival, Shiba Inu (SHIB), could continue to face negativity in the future.

Expectations of a Decline in DOGE!

The analyst focused on Dogecoin, which frequently makes headlines with its fierce competition with Shiba Inu. He warned investors that the price of the meme token aligns with a falling channel pattern, indicating a potential loss in value in the coming weeks. The expert stated the following about DOGE:

Discussions can be made for DOGE, which is returning to the lower regions of the falling channel. Unless DOGE manages to close above the Channel’s Peak on a weekly basis, the price may continue to decline compared to previous periods.

At the time of writing, DOGE was trading at $0.076.

The analyst also discussed Chainlink, a blockchain oracle, stating that LINK is attempting to defy the downtrend but seems to encounter resistance for now. He claimed that LINK is challenging a macro downtrend and said the following:

LINK is challenging the macro downtrend for the second time in weeks. However, LINK seems to be rejected from here for now.

Within the last 24 hours, LINK has experienced a 2.3% decline and is trading at $7.67.

Critical Level for BTC!

Following the altcoin analysis, Rekt Capital addressed the leading cryptocurrency, Bitcoin. The analyst stated that it is crucial whether Bitcoin can maintain its current price levels until the weekend. He highlighted the following about BTC:

BTC, after experiencing a strong rejection recently, is still holding just above the $29,250 level. Can BTC stay here until the weekend at the time of weekly closing?

As of now, BTC is trading at $29,476.

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