HomeMARKET NEWSDOGE soars amidst new development and LINK descends

DOGE soars amidst new development and LINK descends


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The cryptocurrency industry today witnessed mixed trading, with some coins registering gains while others falling on their charts. Dogecoin surged over the last 24 hours. The market capitalization of Doge appreciated in double-digits while trading volume spiked substantially. This price action followed Elon Musk’s recent tweet.

The tweet stated that the meme-coin would be accepted as payment for buying Tesla’s merchandise.

Chainlink, contrastingly, depreciated 2% in the past day and was trading for $24.80. The market capitalization of the coin also dipped after the coin lost some of its market value at the time of writing.

Price Analysis: DOGE/USD Four-Hour Chart

Dogecoin broke outside of its ascending channel and traded at $0.19. The coin crossed past its resistance mark of $0.18 and with a continued push from the bulls the coin could trade near the $0.20 mark.

The indicators aligned with the bulls in the market with all of the technical indicators pointing towards a sharp positive price action. From the outlook, the chart painted a healthy bullish price action.

The meme-coin was overvalued and overbought at press time, the Relative Strength Index was still above the 80-mark. A price pullback cannot be ruled out completely. In the case of which the support line stood at $0.16.

Squeeze Momentum displayed squeeze release, hence, indicating chances of high volatility. Directional Movement Index climbed up with the +DI over the -DI line. Average Directional Index displayed strength in the current price trend.

Price Analysis: LINK/USD Four-Hour Chart

Priced at $24.76 Chainlink lost 2% of its value at the time of writing. The immediate resistance mark for the coin stood at $26.65 and the additional price ceiling was at $28.77.

Chainlink was trading within a descending trendline with a support line at $23.41 and resistances at the aforementioned price levels.

Buyers had left the market as LINK started to lose its value, the Relative Strength Index was seen below the half-line. Awesome Oscillator too displayed growing red histograms at the time of writing.

On Balance Volume had dipped pointing towards an increased number of sellers in the market. The indicator had displayed a small uptick. This highlighted that buyers could find their way back into the market in the upcoming trading sessions.

Priya is a freelance journalist at BinBits. She has an experience of over two years as a cryptocurrency and blockchain technology journalist. She is an avid reader and has a passion for Japanese culture and art.

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