Benzinga – Crypto analyst firm Rekt Capital recently provided an in-depth analysis of Chainlink (CRYPTO: LINK), Dogecoin (CRYPTO: DOGE), and Bitcoin (CRYPTO: BTC) market trajectories.
LINK faces resistance and subsequent price drops, while Dogecoin remains steady and Bitcoin showcases early bull market signs.
These insights are particularly relevant as the crypto community gears up for discussions on such market trends at Benzinga’s Future of Digital Assets conference on Nov. 14.
LINK, Chainlink’s native token, has been on a rollercoaster ride. After facing rejection from its Range High resistance, it experienced a 13% price drop.
This decline intensified as LINK plummeted a staggering 31% straight into its Range Low support.
However, the cryptocurrency has shown resilience, holding its support at this Range Low. With continued price stability, LINK might be poised for a potential revisit to the Range High resistance.
This optimism is further bolstered by LINK’s recent 18% rebound from the Range Low support. Rekt anticipates that, over time, LINK could challenge the Range High resistance once again.
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In contrast, Dogecoin, the meme-originated cryptocurrency, has displayed a more stable market behavior.
It currently holds its channel bottom as support, suggesting that its primary market structure remains intact and robust.
Shifting focus to Bitcoin, Rekt highlighted that the leading cryptocurrency is unmistakably in an “early-stage bull market.”
However, drawing parallels to its 2019 and 2015 market cycles, the analyst cautioned that Bitcoin might still undergo one more downward move.
While the long-term outlook for Bitcoin remains bullish, the mid-term predictions come with a caveat.
Over the forthcoming seven months, the crypto market might be in for one last significant correction.
While the probability of this correction is still under debate, Rekt advises traders and investors to be prepared for any potential market fluctuations.
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© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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