Bitcoin

Biggest Movers: LINK Moves to 3-Month Peak, as DOGE Drops to 10-Day Low

Chainlink rallied to a three-month high during Thursday’s session, despite a red wave sweeping through cryptocurrency markets. Today’s surge came as the token broke out of a key resistance level. Dogecoin, on the other hand, was victim to today’s market sell-off, falling to a ten-day low in the process.

Chainlink (LINK)

Chainlink (LINK) raced to a three-month high earlier in the day, as prices broke out of a key resistance level.

LINK/USD moved to a peak of $7.75 during Thursday’s session, which follows on from a bottom at $6.91 the day prior.

As a result of today’s surge, LINK jumped to its strongest point since November 8, when the token traded at a high of $9.48.

LINK/USD – Daily Chart

Looking at the chart, Thursday’s rally took place as bulls broke out of a ceiling at the $7.55 level.

The 14-day relative strength index (RSI) also broke out of a resistance of its own at 59.00, and is currently tracking at 61.58.

Should momentum continue in this direction, traders will likely be attempting to take profits closer to the 64.00 mark on the RSI indicator.

Dogecoin (DOGE)

Whilst LINK hit a multi-month high, dogecoin (DOGE) fell victim to today’s crypto red wave, with prices falling by nearly 5%.

Following a high of $0.09226 on Wednesday, the meme coin slipped to an intraday low of $0.08635 earlier today.

This resulted in DOGE moving to its weakest point since January 30, nearing a recent price floor in the process.

DOGE/USD – Daily Chart

The aforementioned point of support is at the $0.0850 mark, which has mostly held firm since mid-January.

Whilst the price floor attempted to stabilize, the support of 53.00 on the RSI indicator caved in, with the index now tracking at 50.00.

Despite this, bulls have moved to buy this dip, with overall market momentum still marginally bullish, as can be seen on the moving averages.

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Could dogecoin rebound higher as the week progresses? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.




Image Credits: Shutterstock, Pixabay, Wiki Commons

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