The next fate of most altcoins is undeniably to be decided by the next major move of Bitcoin in the coming weeks. Currently holding above the support level of around $29.1k, Bitcoin price holds the key to the alt season materializing or not in the coming months.
From one perspective, the altcoin market could drop further in tandem with Bitcoin price if bearish sentiments prevail. From another viewpoint, the altcoin market could drop further if Bitcoin’s price suddenly moons. And lastly, the alt season could experience astronomical gains if the Bitcoin price and its dominance continue to drop in the coming weeks.
According to Rekt Capital analyst, Chainlink (LINK), the price faces an additional 20 percent dip after to the range low support level after the asset was rejected at the range high resistance. With LINK price already down nearly 13 percent, the analyst is convinced a more bearish momentum will be registered in the coming weeks.
Similarly, the analyst expects the largest meme coin, Dogecoin (DOGE), to drop towards its lower range support level after a bullish breakout was rejected. In this regard, the analyst cautioned Dogecoin traders of a possible 27 percent drop in the coming weeks as the digital asset establishes a stable base. According to the latest crypto price oracles, DOGE traded around $0.074 on Friday, down approximately 6 percent in the past five days.
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