October 7, 2022

A popular crypto analyst says that Cardano (ODA) and Chainlink (LINK) could soon mimic major Ethereum rallies (ETH) had last month.

Alias ​​trader Rekt Capital says His 325,100 Twitter followers that both ADA and LINK are in the middle of breakouts triggered by a bullish falling wedge pattern and continue to rise if critical resistances are breached.

“LINK and ADA both enjoy Falling Wedges. Like ETH did a few weeks ago before the +50% rally.

If both are going to follow ETH…

LINK needs to re-claim $7.78 as support (black). ADA needs to reclaim ~$0.515 (blue, mid-2017 resistance).”

Source: Rekt Capital/Twitter
Source: Rekt Capital/Twitter

At the time of writing, ETH is trading at $1,592, while ADA and LINK are changing hands for $0.50 and $7.16, respectively.

The analyst too he’s got Its radar locked onto the leading digital asset Bitcoin (BTC), which just closed above its 200-week moving average (MA) for the first time in more than two years.

If BTC can maintain momentum above its 200-week MA, Rekt Capital says the crypto king has already found the support level it needs and will retest the area for a second week in a row.

“BTC executes a weekly candle close above the 200-week MA. It is the first weekly close above the MA after an extended downtrend since March 2020.”

BTC’s new weekly close above the 200-week MA means that the price will try to retest this MA as new support this week.

BTC already had the MA as support last week as evidenced by the negative wick. Now he will try to keep it for the second week in a row.”

Source: Rekt Capital/Twitter

While the exact bottom for Bitcoin may be difficult to pinpoint, the analyst says that BTC is still well within “bargain” territory and offers investors a good discount.

“Many are worried whether to buy #BTC at $21,000 or $22,000 or $23,000. Meanwhile, failing to realize that anything under $35,000 is a bargain in the long run.”

Don’t Miss a Beat – Sign Up to Receive Crypto Email Alerts Directly to Your Inbox

Check Value Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check the Latest News Headlines


Disclaimer: The views expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please note that your transfers and transactions are at your own risk and that any losses are your responsibility. The Daily Hodl does not recommend the purchase or sale of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/ShutterDesigner/monograph

Source link

Leave a Reply

Your email address will not be published.