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Experienced crypto analyst Rekt Capital, closely followed by investors, expects the recovery to continue in the decentralized oracle network Chainlink (LINK). The analyst also evaluated the general outlook for Dogecoin (DOGE) and Bitcoin (BTC).
Analyst Highlights Important Levels for LINK and DOGE
Crypto analyst Rekt Capital drew attention to the fact that Chainlink has not yet surpassed the resistance line of the range it has been moving in since the price increase in July on social media platform X. LINK fell to its lowest level in recent times at $5.76 on September 11, and the analyst said that this level is around the support line of the range.
Since then, LINK has risen by approximately 18% and is currently trading at $6.84. Rekt Capital predicts that LINK needs to revisit the resistance level of the range, which is around $8.18, which would mean an additional 20.5% increase.
Rekt Capital is also closely monitoring Dogecoin along with LINK. The analyst noted that the largest memecoin has been trading below the channel resistance it has been in during July and August. DOGE reached around $0.082 at the end of July and has since fallen by over 23.7% and is currently trading around $0.0623. Rekt Capital emphasizes that DOGE’s main market structure is still strong, stating, “DOGE has found support at the bottom of the channel so far.”
Analysis of Bitcoin’s Short and Medium-Term Outlook
After LINK and DOGE, Rekt Capital commented on Bitcoin, stating that the largest cryptocurrency is in the first stage of a bull market. However, he warned that there could be a downward movement similar to the market cycles of 2019 and 2015:
In the long term, the outlook is bullish. In the medium term, there may or may not be one more major correction. Will such a correction occur? If so, it would be wise to be prepared at least.
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