With Bitcoin trading at $23,457.10 at press time, well away from the $25K range, other altcoins shared its momentum. Dogecoin, however, has seen surprising growth of over 13.29% over the past week, giving some hope to traders.
On the contrary, Solana and Chainlink continued to reflect a downward trend in their prices.
Dogecoin (DOGE)
Source: DOGE/USD, TradingView
The meme-coin was trading at $0.08076, at press time, with the crypto hiking from its levels last week. The RSI was above the neutral 50 range and underlined some bullish momentum. However, the overall signals are weak as it hadn’t broken the 60-mark.
The AO also reflected this trend, showing signs of a possible pullback as can be seen from the chart above. The 0.088-level seemed to be acting as resistance for the coin and a bullish trend can be expected if it successfully breaks past this level.
Solana (SOL)
Source: SOL/USD, TradingView
Solana was trading at $41.17, reflecting a 6.74% fall in its price since last week. The Relative Strength Index also supported this bearish trend as it hovered below the neutral 50 range at 37. OBV also reflected a downward confirmation trend.
The price can be seen forming a descending channel. By doing so, it suggested that both buyers and sellers are indecisive about the price movements. If SOL breaks through this channel, then a movement in either direction can be expected soon.
Chainlink (LINK)
Source: LINK/USD, TradingView
At the time of writing, LINK was trading at $8.20 following a fall of 9% in 7 days. The RSI levels continued to stay below neutral 50 after it fell on 14 August 2022. The Bollinger Bands highlighted a widening of the bands as the middle band acted as a resistance level.
There was a brief compression observed on the charts on 14 August, which is likely to be followed by a heavy move. The lower band and the 7.996-level are acting as a support for SOL. If the price breaks past it, then downward movement can be on the cards.