Next Steps for Chainlink (LINK) and Dogecoin (DOGE) as Bullish Momentum Fades
Chainlink (LINK) and Dogecoin (DOGE) experienced significant increases in their prices recently, boosting investors’ portfolios. The rise in LINK was driven by positive developments in the Chainlink network, including the launch of the Cross-Chain Interoperability Protocol (CCIP). Meanwhile, DOGE’s price surge was triggered by a tweet from Elon Musk, a prominent Dogecoin enthusiast.
However, the excitement surrounding both coins quickly faded as they reversed their upward trend. This was likely due to the absence of buyers at the high price levels.
The price analysis for LINK suggests that it may be entering a phase of volatility, with the price dropping after reaching a high of $8.4. The bulls are expected to try to push the price above $8.3 and potentially break above $8.7. If the price fails to do so and takes a U-turn from $8.3, it could potentially drop to $7.2. This lower price point may attract buyers and result in the price bouncing between $7.2 and $7.7.
For DOGE, buyers managed to push the price past the key resistance level of $0.071. However, a strong sell-off occurred when the price climbed to $0.074. The bulls are struggling to break through the immediate resistance above, and if the price falls below $0.07, a dip toward $0.067 becomes more likely. The price may continue to move sideways between $0.06 and $0.07 for a while. To initiate a new upward trend, the bulls need to keep the price above $0.071.
In conclusion, both LINK and DOGE initially had significant price increases driven by positive developments and a tweet from Elon Musk. However, the lack of buyers at higher price levels resulted in a sharp drop in their values. The future of both coins will depend on whether or not the bulls can push the prices higher and maintain support at key levels.