Dogecoin rebounded from a recent decline on Friday, as cryptocurrency markets shook off yesterday’s bear wave. The meme coin has now risen by over 5%, a day after falling by the same sum. Chainlink was another notable mover, as prices climbed by over 7%.
Dogecoin (DOGE) rose by as much as 5% in today’s session, as the meme coin recovered from yesterday’s bear run.
Following a low of $0.07007 on Thursday, DOGE/USD raced to an intraday high of $0.07579 earlier today.
The move came as dogecoin bulls bought yesterday’s dip, which saw prices fall to a floor at the $0.07000 mark.
Looking at the chart, the rally also coincided with the 14-day relative strength index (RSI) breaking out of a ceiling at the 45.00 mark.
As of writing, the index is marginally above this point, with a current reading of 45.52.
The next visible point of resistance appears to be a ceiling at 47.00, which seems to be a reason why earlier bulls have begun to abandon previous positions.
In addition to DOGE, chainlink (LINK) was also in the green in today’s session, with prices trading by as much as 7% higher.
LINK/USD rose to a peak of $7.17 earlier in today’s session, after falling to a floor at $6.57 the day prior.
Friday’s rally came after LINK bears failed to sustain a breakout at a long-term support point of $6.60.
However, bulls were able to move past a point of resistance at 50.00 on the RSI, which was one of the catalysts of today’s climb.
As of writing, the index is tracking at 52.71, which is close to a ceiling at the 54.00 zone.
In the short-term bulls may attempt to send the token to $7.50, however there appear to be several obstacles in the way that could prevent this.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you believe that chainlink will hit $7.50 this weekend? Let us know your thoughts in the comments.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
12 total views, 2 views today
Leave a Reply