Analysis for Polkadot, ChainLink and Dogecoin

Analysis for Polkadot, ChainLink and Dogecoin

Polkadot (DOT), ChainLink (LINK) and Dogecoin (DOGE) tokens have all traded higher since Bitcoin’s (BTC) rush to highs near $24k 

Polkadot and ChainLink are among several large-cap altcoins looking to break higher after Bitcoin’s price jumped above $23,000.  Meme-coin Dogecoin is also trading higher as the crypto market’s greed index soars.

DOT is up 16% this week, LINK price is up 17% and DOGE has climbed by about 25% in the week to boost bullish plans for a grand end to 2020.

Polkadot price

DOT/USD 4-hour price chart. Source: TradingView


Polkadot rose to highs of $5.82 before hitting resistance and dropping to lows of $5.20. The rebound has so far been underwhelming for bulls given the uptick in intraday trades for most major tokens.

If buyers push DOT/USD above $5.50, breaking above overhead resistance around $6.15 could clear the path to $6.50.

Conversely, a lack of sustained upside momentum could see sellers reversing the gains. The 4-hour chart suggests the formation of a double-top pattern. The bearish signal this pattern presents could see DOT/USD drop to the 50-SMA line at $4.99.

The bearish outlook could flip positive if bulls rally above overhead resistance levels.

ChainLink price

LINK/USD price chart. Source: TradingView

LINK/USD is trading above a falling wedge pattern that informed the recent breakout to highs of $15. The rejection at the level included a dip to $12, from which bulls have rallied to currently trade around $13.85.

The recovery could see LINK price jump towards $20 if bulls clear immediate resistance around the intraday peak around $15.

The MACD and RSI on the daily chart support an uptrend and could gain further momentum if there’s an influx of buying pressure.

On the contrary, LINK/USD could drop to the key support level near the 50-day simple moving average. The 50-SMA is near $12.87.

Dogecoin price

DOGE/USD daily chart. Source: TradingView

Dogecoin price is around $0.0039 after bulls managed to breach the upper limit of the 20-day Bollinger Band. The current price action has seen prices oscillate to near the middle curve that offers major support at $0.0033. Buyers need to clear the upper squeeze curve and crack resistance at $0.0044 to avoid an immediate slip to the 50-day SMA at $0.0031.

If bears do take control short term, the 200-day SMA at $0.0029 provides a crucial support zone.

DOGE/USD 4-hour chart. Source: TradingView

On the 4-hour chart, the MACD indicator suggests a bearish divergence, with the RSI also pointing to a negative flip. The chart also shows DOGE/USD has not moved far off its recent trading range, a scenario that could see it retrace into sideways action.

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