• 16 July, 2024
Market News

Polkadot (DOT) and Chainlink (LINK) Experience Fluctuations Amidst Bullish Momentum

In recent market activities, Polkadot (DOT) and Chainlink (LINK) exhibited notable movements, showing resilience despite Bitcoin’s fluctuating trends. 

In a recent X post, renowned crypto analyst Rekt Capital shared insights, indicating DOT’s retracement for a retest of a previous resistance area, marking an ongoing retest phase. This assessment aligns with the recent market behavior observed from December 7 to December 9, where DOT swiftly ascended from $5.9 to $7.69, encountering resistance that led to a temporary dip to $6.285.

DOT managed to uphold its bullish stance after a surge past $7.68, followed by a pullback over the weekend. DOT is trading at $6.75, indicating a 4.74% decline in 24 hours and a 21.18% increase over the past week.

Source: TradingView

Analyzing DOT’s trajectory after the rally past $7, experts employed Fibonacci retracement levels, pinpointing the 78.6% retracement at $6.284, coinciding with the recent dip. This sets the stage for potential scenarios: a bullish trend surging above $6.8 or a short-term downtrend before a possible uptick, targeting $7.9 as the next resistance.

Source: TradingView

Moreover, data from Hyblock analyzing liquidation levels indicated a recent drop, suggesting potential upward movements could impact the Futures market negatively. This aligns with recent low-leverage short positions opened on December 11, with a $7.12 estimated liquidation level hinting at a potential price bounce to gather liquidity before a reversal.

Source: Hyblock

Simultaneously, Chainlink faced a similar market sentiment, currently trading at $15.03. While exhibiting a 5.84% decline in the last 24 hours, Chainlink showcases resilience amid a 3.44% decline over the past week.

Source: TradingView

According to a recent X post, Rekt Capital’s analysis has highlighted Chainlink’s breakout from a pattern. The analysis emphasizes the importance of retesting the pattern’s top to confirm the breakout while relying on the pattern’s base for support. This underscores the significance of closely monitoring Chainlink’s performance and taking appropriate measures to capitalize on potential opportunities.

Despite enduring market fluctuations and short-term price adjustments, DOT and LINK remain well-positioned to navigate these challenges. Their ability to pursue upward trajectories is underpinned by robust technical analyses and fundamental utility, showcasing their resilience in the evolving crypto landscape.

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