Analyst Details Path Ahead for Chainlink, Ethereum and Cardano, Says Bitcoin in ‘Bargain’ Territory
A popular crypto analyst says that Cardano (ADA) and Chainlink (LINK) could soon mimic the significant rallies Ethereum (ETH) had last month.
Pseudonymous trader Rekt Capital tells his 325,100 Twitter followers that both ADA and LINK are in the middle of breakouts triggered by a bullish falling wedge pattern and they continue to climb if critical resistances are breached.
“LINK & ADA have both enjoyed breakouts from Falling Wedges. Much like ETH did a few weeks ago before rallying +50%.
If both are to follow ETH…
LINK needs to reclaim $7.78 as support (black). ADA needs to reclaim ~$0.515 (blue, a mid-2017 resistance).”
At time of writing, ETH is trading for $1,592, while ADA and LINK are changing hands for $0.50 and $7.16, respectively.
The analyst also has his radar locked on top digital asset Bitcoin (BTC), which he notes just closed above its 200-week moving average (MA) for the first time in over two years.
If BTC can maintain momentum above the 200-week MA, Rekt Capital says the king crypto has already found the support level it needs and will retest the area for a second consecutive week.
“BTC performs a weekly candle close above the 200-week MA. It’s the first weekly close above the MA following an extended downtrend since March 2020.”
The new BTC weekly close above the 200-week MA means that price will try to retest this MA as new support this week.
BTC already held the MA as support last week, as evidenced by the downside wick. Now it will try to hold it for a second consecutive week.”
While the exact bottom for Bitcoin may be hard to pinpoint, the analyst says that BTC is still well within the “bargain” territory and giving investors a good discount.
“Many are worrying whether to buy #BTC at $21,000 or $22,000 or $23,000. Meanwhile failing to realize that anything below $35,000 is a bargain over the long-run.”
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