A widely followed crypto analyst has updated his forecasts for Litecoin (LTC) and several Ethereum (ETH)-based altcoins. He also claimed that Bitcoin (BTC) could continue its uptrend. Details are here.
Known under the pseudonym Rekt Capital in the crypto markets, the analyst drew attention to the level of dominance of BTC. Accordingly, the analyst expects BTC dominance to continue to rise as long as it successfully tests an important level. waiting.
“BTC dominance could be ready for a retest if it makes a monthly close above the resistance range. After a successful retest there, BTC Domination may revisit the black wedge peak to make a decision on the macro trend.”
However, the trader adds that it is possible for the leading crypto to go down if it does not close monthly above the current resistance level.
“To provide a chance for a higher breakout, BTC should ideally close monthly above the blue area (around $23400) resistance. Otherwise, BTC could drop to around $20,000-23,400 range to consolidate here for a few weeks.”
NEWS CONTINUES BELOW
Moving on to altcoins, Rekt Capital points to Litecoin first, saying that the popular cryptocurrency is now poised to ignite an upside rally.
“LTC has suffered a break in its monthly flag. Right after the monthly close, it is well positioned to confirm this breakout.”
The analyst also adds that there are very different reactions to Litecoin’s current prices:
“It is clear that there is a very different reaction to LTC at these prices. In the past, LTC would either fail a post-break retest from the green area (before 2018) or fail with a fake breakout (2020). But this time, LTC is out of the Bull Flag continuation pattern.”
The crypto strategist then brought up the oracle network Chainlink (LINK), saying that he expects the altcoin price to rise again to the $20 level.
“LINK follows the blue path beautifully. LINK has so far recovered 13% from $6.27 in black. It may revisit the black range above over time.”
LINK is currently trading at $7.27. A move towards the analyst’s target of $20 represents a 175% increase for the altcoin.
The last altcoin on the analyst’s radar is Ocean Protocol (OCEAN). The analyst thinks that if OCEAN fails to break through a key resistance zone, it could halt the rally it started in mid-2022.
“OCEAN/BTC continues its rally and is approaching the resistance zone where it met throughout the year, where the black diagonal meets the top of the blue range. Especially if reverse wicks form beyond this area, its price is likely to be rejected from there.”
You can follow the current price action here.