Crypto Outlook: Chainlink, Ocean Protocol, Polkadot Analysis
An influential cryptocurrency trader suggests that Chainlink (LINK), a leading blockchain oracle provider, might undergo a significant correction.
The trader, known as Rekt Capital, highlighted LINK’s need to surpass the $14.70 mark for an upward move. They emphasized that achieving a weekly close akin to early 2021 is essential for a potential rally.
Chainlink needs a similar Weekly Close like in early 2021 to rally higher
At the moment, price struggling to break the top of the red box which may soon act as resistance on a bounce
Needs to reclaim the top of the red box to move higher#LINK #Crypto #Chainlink pic.twitter.com/5AoqguDCN0
— Rekt Capital (@rektcapital) November 25, 2023
Currently trading at $14.60, LINK hovers just below the resistance level identified by the trader.
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Rekt Capital also scrutinized Ocean Protocol (OCEAN), a decentralized data service facing similar macro resistance to LINK. They pointed out that a monthly close above $0.47 could signify an extended bullish run for OCEAN.
Monthly Close coming soon & OCEAN is at the Range High resistance (red)
Monthly Close above red = bullish
Otherwise, any dips into the green region would be a retest of the Range Low & part of consolidation within the green-red range#OCEAN #Crypto #Oceanprotocol pic.twitter.com/00cEgRwXep
— Rekt Capital (@rektcapital) November 25, 2023
At the moment, OCEAN trades at $0.44, near the mentioned resistance level.
Analyzing Polkadot (DOT), Rekt Capital observed its gradual ascent above $5, indicating a potential entry into a longer-term uptrend.
Polkadot is on the cusp of confirming a new macro uptrend#DOT #Crypto #Polkadot pic.twitter.com/e4W90oL5ZA
— Rekt Capital (@rektcapital) November 25, 2023
Presently valued at $5.29, DOT seems on the verge of confirming this new macro uptrend, according to the trader.
Alexander Stefanov
Reporter at CoinsPress
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.
