Crypto Trader Warns of Downtrend for Dogecoin and Chainlink, Says Bitcoin Experiencing ‘Strong Rejection’

A widely followed crypto analyst is updating his followers on the state of Dogecoin (DOGE), Chainlink (LINK) and Bitcoin (BTC).

Pseudonymous crypto trader Rekt Capital tells his 349,600 Twitter followers that the Shiba Inu (SHIB) rival DOGE could see a downside continuation moving forward.

“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).”

Source: Rekt Capital/X

DOGE is worth $0.076 at time of writing.

Diving into the blockchain oracle Chainlink, the analyst says LINK is trying to break out against the downtrend, but appears to be meeting resistance for now.

“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.”

Source: Rekt Capital/X

At time of writing, LINK is trading for $7.67, down 2.3% in the last 24 hours.

Looking at king crypto BTC, Rekt Capital wonders if Bitcoin can hold its current price levels until the end of the week.

“BTC still holding just above the ~$29,250 level after experiencing a strong rejection most recently

Can BTC hold here until the end of the week, in time for the Weekly Close?”

Source: Rekt Capital/X

BTC is currently trading for $29,476.