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

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.

Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Chainlink, Doge, dogecoin, LiNK, Meme Coin

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. Bitcoin, Ethereum Technical Analysis: BTC Moves Below $23,000 as Market Volatility Heightens MARKET UPDATES | 10 hours ago Biggest Movers: MATIC Moves to 10-Month High, ATOM Extends Recent Gains MARKET UPDATES | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleLocalbitcoins, the Pioneer P2P Bitcoin Exchange, Shuts Down After a Decade of Service Due to Crypto Winter Next articleCoinbase CEO Brian Armstrong Expresses Concern Over Rumors of SEC Ban on Crypto Staking for Retail Customers 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. Read disclaimerShow comments More Popular NewsIn Case You Missed ItBill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments

Russia’s recently revised bill “On Digital Currency” limits crypto purchases for non-qualified investors while providing legal ground for some cryptocurrency payments, according to local media. The draft law, proposed by the Russian finance ministry, also introduces strict requirements for platforms ... read more.UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether