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May 22, 2024
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Crypto Market Analysis: Chainlink (LINK) And Dogecoin (DOGE) Lose Bullish Dominance At Higher Levels! Here’s What’s Next

The post Crypto Market Analysis: Chainlink (LINK) And Dogecoin (DOGE) Lose Bullish Dominance At Higher Levels! Here’s What’s Next appeared first on Coinpedia Fintech News

Two of today’s notable market performers, Chainlink (LINK) and Dogecoin (DOGE) have significantly boosted investors’ portfolios due to a dramatic rise to several resistance levels. This surge in LINK and DOGE prices was largely driven by positive developments in the Chainlink network and a tweet from Dogecoin enthusiast Elon Musk, respectively. However, the excitement faded as both coins quickly reversed their upward trend. 

Will Bulls Make A Comeback?

Chainlink tokens experienced a significant increase as whale investors traded their ether for LINK, triggered by the company’s recent launch of the Cross-Chain Interoperability Protocol (CCIP), according to data. 

On the other hand, the renowned CEO of Twitter and Tesla posted a meme featuring the popular cartoon character Scooby-Doo, with the caption “Doges ftw [for the win]”. This led to a surge in the price of DOGE. However, the absence of buyers at these high levels resulted in a sharp drop in the value of both coins.

Chainlink (LINK) Price Analysis

It’s pretty common to see a coin skyrocket only to come crashing down and then stabilize. It seems like LINK might be heading into one of these phases. After meeting a high at $8.4, LINK’s price dropped heavily and is currently making another push.

The bulls are going to give it their all to push the price past $8.3 this time and take a shot to break above $8.7. But it won’t be easy, as they’re likely to face some serious pushback from the bears. If the price takes a U-turn from $8.3, we could see the LINK price take a nosedive to $7.2.

Now, this price point might just be attractive enough to get the bulls buying in force again. This could result in the price bouncing between $7.2 and $7.7 for a few days. But if the bulls manage to push the price beyond $8.7, we could be looking at a rally all the way up to $9.5.

Dogecoin (DOGE) Price Analysis

Buyers managed to push the Dogecoin price past the key resistance level of $0.071. However, the lengthy wick on the candlestick indicates a strong sell-off when the price climbed to $0.074. 

While the bulls have succeeded in holding the DOGE price above the 50-day EMA at $0.69, they’re finding it tough to break through the immediate resistance above. If they can’t keep the price above $0.07, the chances of a dip toward $0.067 become more likely.

This could result in the price moving sideways between $0.06 and $0.07 for a bit longer. For the bulls to kick off a new upward trend, they’ll need to keep the price above $0.071. If they manage that, we could see the price rise to $0.074 and potentially even to $0.081.

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