Two of the most notable players in the market, Chainlink (LINK) and Dogecoin (DOGE), have significantly strengthened investor portfolios thanks to a dramatic rise in several levels of resistance. This increase 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 uptrend.
Will Bulls make a comeback?
Chainlink tokens saw 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 famous 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 an increase in the price of DOGE. However, the absence of buyers at these high levels resulted in a sharp fall in the value of both coins.
Chainlink (LINK) Price Analysis
It’s pretty common to see a coin shoot up only to crash down and then stabilize. It looks like LINK is entering one of these phases. After reaching a high of $8.4, the price of LINK fell sharply and is currently making another push.
The bulls are going to do everything they can to push the price above $8.3 this time and attempt to break above $8.7. But it won’t be easy, as they are likely to face a serious setback from the bears. If the price takes a U-turn at $8.3, we could see the LINK price take a nosedive to $7.2.
Now, this price may be just attractive enough for the bulls to rebound. This can cause the price to fluctuate between $7.2 and $7.7 for a few days. But if the bulls manage to push the price above $8.7, we could be looking at a rally to $9.5.
Dogecoin (DOGE) Price Analysis
Buyers managed to push the Dogecoin price past the key resistance level of $0.071. However, the long wick on the candlestick indicates a strong sell-off as the price rose to $0.074.
While the bulls have managed to keep DOGE price above the 50-day EMA at $0.69, they are finding it difficult to break the immediate resistance above it. If they cannot keep the price above $0.07, the chances of a dip to $0.067 become more likely.
This may cause the price to move sideways between $0.06 and $0.07 for a bit longer. For the bulls to start a new uptrend, they need to keep the price above $0.071. If they pull that off, we could see the price jump to $0.074 and possibly even to $0.081.