The widely respected cryptocurrency strategist believes there are signs of a rebound for layer-one blockchain Tron (TRX) and decentralized finance (DeFi) lending protocol AAVE (AAVE).
TRX ended November on a strong note after the cryptocurrency asset closed above its monthly resistance of $0.10, pseudonymous analyst Rekt Capital told his 373,000 followers on social media platform X.
According to analysts, TRX could see a short-term pullback to turn previous resistance levels into support levels before moving towards an upside target.
“Tron closed above the red for the month and could now potentially set the price up for a bearish retest. The $0.10 level previously served as resistance at the end of 2021 and could soon be retested as support. Holding here would position TRX for a comeback at $0.13 (red).”
As of this writing, TRON is worth $0.103.
Looking at Aave, Rekt Capital says the cryptocurrency asset looks bullish and is poised to hit its target of $111.
“We had a fantastic +20% move after a successful retest. AAVE may have more upside to enjoy over time towards the $111 level above (orange).”
As of this writing, AAVE is trading at $104.80.
Traders are also updating their predictions for decentralized oracle network Chainlink (LINK). Rekt Capital said Chainlink will maintain its upward trend as long as it trades above $14.00.
“link
Still holding the bottom of the red box as support.
Continued price stability is needed for Chainlink to resume its upward trend.”
As of this writing, LINK is worth $16.06, up more than 6% in the last 24 hours.
Looking at the interoperable blockchain Polkadot (DOT), Rekt Capital believes that altcoins are now starting to rise.
“Polkadot has officially moved away from the main market structure. A decline at the top of the pattern would likely fully confirm the breakout of a new macro uptrend.”
As of this writing, DOT is still trading at $5.60, above Rekt Capital’s diagonal resistance.
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