Dogecoin rebounded from its recent decline on Friday as the cryptocurrency market shook off yesterday’s wave of weakness. The meme coin is now up more than 5%, a day after falling by the same amount. Chainlink was another notable move, with prices up more than 7%.
Dogecoin (DOGE)
Dogecoin (DOGE) rose as much as 5% in today’s session as the meme coin recovered from yesterday’s bear run.
After hitting a low of $0.07007 on Thursday, DOGE/USD ran up to an intraday high of $0.07579 earlier today.
The move came as dogecoin bulls bought yesterday’s dip, sending prices down to the $0.07000 floor.
The chart also shows that the 14-day Relative Strength Index (RSI) broke through the ceiling at 45.00, which coincides with this rise.
At the time of this writing, the index is slightly above this point, with a current reading of 45.52.
The next resistance point appears to be a ceiling at 47.00, which is why previous bulls have begun to abandon their previous positions.
Chain Link (LINK)
In addition to DOGE, Chainlink (LINK) is also in the green, trading as much as 7% higher in today’s session.
LINK/USD rallied to a peak of $7.17 earlier in today’s session after falling to a bottom of $6.57 the day before.
Friday’s rally occurred after the LINK bears failed to sustain a breakout at $6.60, a long-term support point.
However, the bulls were able to get through the 50.00 resistance point on the RSI, which was one of the catalysts for today’s rally.
As of this writing, the index is at 52.71, closing in on the ceiling of the 54.00 zone.
In the short term, bulls may try to send tokens up to $7.50, but there appear to be several obstacles preventing that.
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Image credits: Shutterstock, Pixabay, Wiki Commons
