Polkadot (DOT), Dogecoin (DOGE) and Chainlink (LINK) are likely to retest support before picking up upside momentum
The price outlook for DOGE, LINK and DOT suggests that bulls face fresh downward pressure even as Bitcoin struggles near the $45k level. But according to the pseudonymous technical analyst Crypto Capo, the market is yet to top and end-of-year prices for most cryptocurrencies will be higher than the current levels.
Take a screenshot of the current cryptocurrency prices and compare them with EOY prices.
The upside will be huge.
— il Capo Of $NOIA (@CryptoCapo_) September 23, 2021
Polkadot price outlook
DOT price has increased by 3.3% in the past 24 hours, with bulls likely to see further upside moves given the overall improvement in sentiment across the market.
The DOT/USD pair has reclaimed the key support area of the 0.5 Fib level of the downswing from $49.75 to $10.38. The anchor is around $30.07 on the daily chart, with a daily close above $34.71 (0.618 Fib level) likely to open up a path for a retest of hurdles around a horizontal resistance line near $38.50 and possibly $41.33 (0.786 Fib level).
DOT/USD daily chart. Source: TradingView
The MACD suggests a weakening bearish momentum to aid the above outlook, although the RSI indicator continues to trend with a negative divergence to indicate that sellers might not be done yet.
If the DOT price encounters another rejection, the primary support level will likely be at the 50 SMA and then at the 0.382 Fib level ($25.42).
Dogecoin price outlook
DOGE/USD is battling downside pressure near $0.21 and could see fresh declines to recent support levels before posting a new leg up. The 4-hour chart shows that the bears have aggressively defended the territory around the 50 SMA, with Friday deals seeing Dogecoin’s price slip below the 20 EMA.
DOGE/USD 4-hour chart. Source: TradingView
The 4-hour RSI also supports seller dominance in the short term, with prices likely to slip towards the main demand reload zone at $0.20. On the upside, a clear break and close above $0.22 will likely invite further upward action and see bulls target the $0.24 and $0.25 levels.
Chainlink price outlook
The Chainlink bulls are facing a hard time trying to maintain an upside advantage above the 20 EMA on the 4-hour chart. This follows the downswing from an old horizontal barrier around $25.55, with the wick below the EMA suggesting the zone presents a robust supply wall.
LINK/USD 4-hour chart. Source: TradingView
The RSI indicator dipping below 50 also suggests a struggle around the $24.20—$25.00 zone. If bulls fail to defend the EMA, prices could drop to the 0.236 Fib level ($23.48).
However, an injection of demand could see buyers aim for $26.47 (0.5 Fib level of the move from $32.12 to $20.82). The crypto analyst Michael van de Poppe says that LINK is ready to go higher, and a successful breakout would highlight the 0.768 Fib level ($29.70) as a legitimate target.