Chainlink was one of the notable movers on Monday, as the token ended a streak of four consecutive days of declines. The move comes despite the global market cap mostly trading lower to start the week, falling 0.23% as of writing. Dogecoin fell for a second straight session.
Chainlink (LINK)
Chainlink snapped a four-day losing streak on Monday, despite the global market cap mostly tracking lower to start the week.
Following a low of $7.32 on Sunday, LINK/USD jumped to a peak of $7.54 earlier in today’s session.
Monday’s move sees chainlink edge closer to a key resistance level of $7.65, which was last truly broken on July 30.
In addition to this, an upward crossover between the 10-day (red) and 25-day (blue) moving averages looks imminent.
Should this occur, there is a strong possibility that chainlink may not only move past the aforementioned ceiling, but closer to the $8.00 level.
At the time of writing, LINK is tracking at $7.49.
Dogecoin (DOGE)
On the other side of the spectrum, dogecoin moved lower for a second straight session, following last week’s bull run.
DOGE/USD fell to a low of $0.07409 to start the week, following an earlier high of $0.07615 the day prior.
Since peaking at a multi-week high of $0.0776 on Saturday, dogecoin has mostly traded in the red, which appears to be largely due to profit taking.
This spell of bearish pressure looks to be pushing price towards a key support level around the $0.0730 region.
In addition to this, the 14-day relative strength index (RSI) hovered close to its own floor, at the 50.00 mark.
Currently, price strength is tracking at 50.35, with the meme coin now trading at $0.07458.
Register your email here to get weekly price analysis updates sent to your inbox:
Could dogecoin move higher in the coming days? Let us know your thoughts in the comments.
Comments are closed.