LINK surges above $7.00 as DOGE recovers from recent decline – market updates
Dogecoin recovered from a recent drop on Friday as cryptocurrency markets shrugged off yesterday’s bear wave. The meme coin is now up over 5% a day after falling the same amount. chainlink was another notable move as prices surged over 7%.
Dogecoin (DOGE) surged up as much as 5% in today’s session as the meme coin recovers from yesterday’s bear run.
After hitting a low of $0.07007 on Thursday, DOGE/USD rushed to an intraday high of $0.07579 today.
The move came as Dogecoin bulls bought into yesterday’s decline that took prices to a bottom near $0.07000.
Looking at the chart, the rally also fell with the breakout of the 14-day relative strengthindex (RSI) above a ceiling at 45.00 together.
As of this writing, the index is slightly above this point, with a current reading of 45.52.
The next visible resistance point seems to be a ceiling at 47.00 which seems to be a reason why previous bulls have started to abandon previous positions.
Alongside DOGE, Chainlink (LINK) was also in the green in today’s session, with prices trading up to 7% higher.
LINK/USD surged to a high of $7.17 in today’s session after falling to a bottom of $6.57 the previous day.
Friday’s rally came after the LINK bears failed to sustain a breakout of a long-term support point of $6.60.
However, the bulls managed to clear a resistance point near 50.00 on the RSI, which was one of the catalysts of today’s rally.
As of this writing, the index is hovering at 52.71, which is close to a ceiling in the 54.00 area.
In the short-term, bulls could try to send the token to $7.50, but there seem to be several obstacles that could prevent this.
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Source: Crypto News Deutsch