• Crypto trader Rekt Capital warns of a downtrend for Dogecoin (DOGE) and Chainlink (LINK), while Bitcoin (BTC) is experiencing a “strong rejection”.
• The analyst believes that DOGE could see downside continuation until it can close above the channel top.
• LINK is trying to break out against the downtrend, but appears to be meeting resistance for now. BTC is currently holding just above $29,250, with the analyst wondering if it can hold for the Weekly Close.
Crypto Trader Warns of Downtrend
A well-known crypto trader has updated his followers on the state of Dogecoin (DOGE), Chainlink (LINK) and Bitcoin (BTC). Pseudonymous crypto trader Rekt Capital believes that DOGE could continue its downward trend until it closes above its channel top, while LINK is attempting to break out from its downtrend yet facing rejection. Lastly, BTC is currently hovering just above $29,250, and he wonders whether it can sustain this position before the weekly close.
Dogecoin Price Analysis
Rekt Capital has claimed that arguments can be made for DOGE retracing into lower regions of its downtrending channel until a weekly close above the channel top occurs. At time of writing, DOGE is worth $0.076.
Chainlink Price Analysis
The analyst also noted that LINK is challenging the macro downtrend in an attempt to break out – however, at this point in time LINK appears to be rejecting further movements away from this current level. At time of writing, LINK is trading for $7.67, down 2.3% in the last 24 hours.
Bitcoin Price Analysis
Rekt Capital has asked whether BTC will be able to sustain its current price levels until next week’s closing session – currently BTC is trading for $29,476 at time of writing.
Conclusion
In conclusion, cryptocurrency traders should keep their eyes peeled on Dogecoin (DOGE), Chainlink (LINK) and Bitcoin (BTC). The analyst believes that these coins are highly vulnerable at present and may experience further declines or rejections depending on market activity over the coming weeks and months ahead.