dailyhodl.com
A widely followed crypto strategist thinks that rallies are in sight for the layer-1 blockchain Tron (TRX) and the decentralized finance (DeFi) lending protocol Aave (AAVE).
Pseudonymous analyst Rekt Capital tells his 373,000 followers on the social media platform X that TRX ended November on a bullish note after the crypto asset closed above its monthly resistance at $0.10.
According to the analyst, TRX may see short-term dips to convert previous resistance levels into support before moving toward his upside target.
“Tron has monthly closed above red, now potentially setting price up for a dipping retest The $0.10 level previously acted as resistance in late 2021 and now may soon be retested as support. Holding here would position TRX for a revisit of $0.13 (red).”
At time of writing, TRON is worth $0.103.
Looking at Aave, Rekt Capital says that the crypto asset looks bullish and is poised to hit his target at $111.
“Fantastic +20% move after the successful retest. AAVE may have more upside to be enjoyed, to as high as the $111 level above (orange) over time.”
At time of writing, AAVE is trading for $104.80.
The trader is also updating his forecast on the decentralized oracle network Chainlink (LINK). Rekt Capital says that Chainlink will likely sustain its uptrend as long as it is trading above $14.00.
“LINK
Still holding the bottom of the red box as support.
Continued price stability here is needed for Chainlink to resume its uptrend.”
At time of writing, LINK is worth $16.06, up over 6% in the last 24 hours.
Looking at the interoperable blockchain Polkadot (DOT), Rekt Capital believes that the altcoin is just beginning its uptrend.
“Polkadot has officially broken out from its major market structure. Any dips into the top of the pattern, if they occur at all, will likely fully confirm the breakout in a new macro uptrend.”
At time of writing, DOT is trading for $5.60, still above Rekt Capital’s diagonal resistance.
Generated Image: Midjourney