Chainlink rose to a three-month high during the session on Thursday, despite a wave of red sweeping through the cryptocurrency markets. Today’s surge occurred as the token broke above a key resistance level. Dogecoin, on the other hand, fell victim to today’s market sell-off, falling to a ten-day low in the process.
Chain Link (LINK)
Chainlink (LINK) hit a three-month high earlier in the day when prices broke above a key resistance level.
LINK/USD moved to a high of $7.75 during the session on Thursday, which follows from a low of $6.91 the day before.
As a result of today’s surge, LINK jumped to its strongest point since Nov. 8, when the token traded at a high of $9.48.
Looking at the chart, the rally on Thursday took place as the bulls broke through a ceiling at the $7.55 level.
The 14-day RSI has also broken past its own resistance at 59.00 and is currently sitting at 61.58.
If the momentum continues in this direction, traders are likely to try to take profits closer to the 64.00 mark on the RSI indicator.
Dogecoin (DOGE)
While LINK hit a multi-month high, dogecoin (DOGE) fell victim to today’s crypto red wave, with its price falling nearly 5%.
Following a high of $0.09226 on Wednesday, the meme coin fell to an intraday low of $0.08635 today.
This resulted in DOGE moving to its weakest point since January 30, approaching a recent price low in the process.
The aforementioned support point is at the $0.0850 mark, which has been mostly holding firm since mid-January.
As the price floor attempted to stabilize, the 53.00 support on the RSI indicator collapsed, with the index now tracking at 50.00.
Despite this, the bulls have moved to buy this dip, with the overall market momentum still marginally bullish, as can be seen from the moving averages.
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Could dogecoin rally as the week progresses? Let us know your thoughts in the comments.
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