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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