Weekly Analysis of $BTC , $DOGE , $LINK - GNCrypto Analytics
Last week, Bitcoin continued its decline, setting a new local low at $53,571. Since then, the coin has significantly recovered and is currently trading at around $57,700.Â
The current support range is between $53,500 and $55,200. Falling below this range could potentially lead the price down to $52,000.Â
For Bitcoin to fully emerge from this correction phase, it must break through the seller's zone from $58,300 to $59,600 and test the $60,900 mark. Only a stable position above this level would negate the bearish efforts.
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Like most alternative coins, Dogecoin's chart resembles those of BTC and ETH. Currently, DOGE is squeezed between a support zone at $0.0917â$0.101 and a resistance zone at $0.1120â$0.1180.Â
If Bitcoinâs correction persists, Dogecoin could follow suit and potentially update its low to around $0.085.Â
A bullish trend reversal could only be confirmed if it solidly surpasses the $0.1230 price point, though such an event seems highly improbable.
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Currently, Chainlink is trading between a support zone of $11.10 to $11.85 and a resistance range of $13.25 to $13.85. For LINK to resume its upward trajectory, it must surpass the $14.4 mark, signifying a strong buyer presence in the market.
Like many altcoins, LINK has not been able to sustain higher positions and has reached a new annual low.
If Bitcoin's downtrend persists, LINK could fall to the psychological level of $10.