Price Analysis Chainlink, Algorand, Dogecoin: 05 December

After hitting its latest ATH on the price charts, Bitcoin has fallen. However, optimism remains high, especially because at the time of writing, BTC was still trading at a level above $ 19,000. With the world’s largest cryptocurrency consolidating on the charts, many market altcoins have opted for different price trajectories. The similarities of Chainlink, Algorand, and Dogecoin are evidence of the same.

Chain Link [LINK]

Source: LINK / USD on TradingView

The seventh largest cryptocurrency at press time, Chainlink seemed to emulate much of the Bitcoin movement over the past week. This was interesting, especially since much has been said about the low correlation shared by LINK and Bitcoin. Over the past 7 days, however, this correlation emerged as when BTC climbed to $ 19.8k, as did LINK.

Interestingly, although BTC chose to consolidate its position after corrections, LINK declined. In fact, on the back of a hike worth 13%, the crypto dropped over 11% on the charts.

This ambiguity was highlighted by LINK’s technical indicators while the SAR’s parabolic dot markers far exceeded the implied price and bearish candles, the Chaikin Cash Flow is still consistently above zero.

Chainlink was in the news recently after it announced support for ‘in demand’ Ethereum infrastructure development.

Algorand [ALGO]

Source: ALGO / USD on TradingView

For most of the last three months, the ALGO price movement on the charts can best be described as sideways. However, come mid-November, ALGO walked, thanks to Bitcoin’s attempt to climb into a new ATH. ALGO was one of the many cryptos to retrofit, and although corrections soon took place, the cryptocurrency was still trading at a level well above the one seen a week ago.

At the time of writing, ALGO had recorded earnings of almost 14% in one week.

The same was highlighted by the indicators of the cryptocurrency as was the Bollinger Bands expanding briefly to make room for incoming volatility, the Awesome Oscillator indicated the momentum of the market.

It should also be noted that ALGO’s latest progress coincides with Algorand’s partnership with ClimateTrade.

Dogecoin [DOGE]

Source: DOGE / USD on TradingView

Dogecoin, the market’s most popular meme-coin, despite its joke status, has a high position on CoinMarketCap charts. However, for months previously, DOGE only saw weeks and weeks of moving sideways. This changed somewhat over the past week as DOGE climbed on the back of a Bitcoin price surge. While DOGE followed BTC’s lead and embraced corrections shortly thereafter, the crypto was still trading at a higher level.

Interestingly, thanks to the latest price increase, DOGE was trading at slightly the same levels as when it registered a 120% hike in 3 days back in July.

While the MACD the line had crept below the Signal line at press time following a bearish cross on the charts, the Relative Strength Index remains constant between the overlapping and over-thinking zones.