LINK moves to 3-month high while DOGE falls to 10-day low – market updates
chainlink surged to a three-month high during Thursday’s session, despite a red wave sweeping the cryptocurrency markets. Today’s surge came as the token broke above a key resistance level. Dogecoin whereas , fell victim to today’s market sell-off, falling to a 10-day low.
Chainlink (LINK)
Chainlink (LINK) raced to a three-month high earlier in the day as prices broke above a key resistance level.
LINK/USD hit a high of $7.75 during Thursday’s session, following a low of $6.91 the previous day.
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 took place on Thursday when the bulls broke a ceiling at $7.55.
The 14-Day Relative Strengthindex (RSI) also broke above one of its own Resistance at 59.00 and is currently tracking 61.58.
Should momentum continue in this direction, traders are likely to attempt to lock in profits closer to the RSI indicator’s 64.00 level.
Dogecoins (DOGE)
While LINK hit a multi-month high, it fell Dogecoin (DOGE) fell victim to today’s crypto-red wave, with prices falling nearly 5%.
After hitting a high of $0.09226 on Wednesday, the meme coin slipped to an intraday low of $0.08635 today.
This led to DOGE hitting its weakest point since Jan. 30, nearing a recent price floor in the process.
The aforementioned support point lies at the $0.0850 level, which has mostly held since mid-January.
As the price floor tried to stabilize, the 53.00 support on the RSI indicator broke, with the index now trailing at 50.00.
Despite this, the bulls have moved to buy this pullback, with the overall market momentum still being slightly bullish as seen on the moving averages.
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Source: Crypto News Deutsch
