Crypto Market Watch: DOGE, LINK, and BTC Update from Expert Analyst
A well-known crypto analyst has provided an update for his audience regarding Dogecoin (DOGE), Chainlink (LINK), and Bitcoin (BTC).
Rekt Capital, a pseudonymous crypto trader, has shared insights regarding DOGE, suggesting the possibility of a continued downside trend.
Arguments can be made for $DOGE retracing into the lower regions of the downtrending channel
Until #DOGE is able to Weekly Close above the Channel Top, price could see downside continuation as per previous periods (orange)#Crypto #Dogecoin pic.twitter.com/fspQvlSNcp
— Rekt Capital (@rektcapital) August 10, 2023
He highlights the potential for DOGE to retrace into the lower regions of a downtrend channel. Rekt Capital emphasizes that unless DOGE achieves a Weekly Close above the Channel Top, the downside momentum could continue similar to previous occurrences. Notably, the current value of DOGE stands at $0.076.
Shifting focus to Chainlink, the analyst delves into the blockchain oracle’s performance. Rekt Capital observes that LINK is striving to break free from its downtrend yet currently encounters resistance.
$LINK is challenging the Macro Downtrend for a breakout for the second time in weeks
However, #LINK appears to be rejecting from here for now#Crypto #Chainlink pic.twitter.com/pbjwrSAWLr
— Rekt Capital (@rektcapital) August 10, 2023
The attempt at challenging the Macro Downtrend for a breakout is noted, though LINK seems to be encountering a temporary rejection. LINK is trading at $7.67, displaying a 2.3% decrease over the past 24 hours.
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Examining the prominent cryptocurrency BTC, Rekt Capital, raises questions about Bitcoin’s ability to maintain its existing price levels until the week’s conclusion. Following a recent forceful rejection, the analyst highlights BTC’s position just above the approximately $29,250 threshold.
#BTC still holding just above the ~$29250 level after experiencing a strong rejection most recently
Can $BTC hold here until the end of the week, in time for the Weekly Close?#Crypto #Bitcoin pic.twitter.com/wcreqGkTbT
— Rekt Capital (@rektcapital) August 10, 2023
The question is whether BTC can sustain this position until the week’s end, aligning with the Weekly Close.
Alexander Stefanov
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Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
