Altcoin season is picking up steam and DOGE, LINK and DOT are leading the way. Dogecoin is breaking through key resistance, Chainlink whales are buying big and Polkadot is reversing a long-running downtrend. These altcoins could be set to make significant gains as the new year approaches.
Dogecoin (DOGE): Are You Ready to Break Out?
Dogecoin's price is at $0.3193, reflecting a 2.41% drop over the past day. Despite the drop, Dogecoin still dominates the memecoin space with a market capitalization of $47 billion. On the 4-hour chart, Dogecoin shows a retracement forming a resistance trendline.
The recent candlestick showed rejection of higher prices, delaying the bullish breakout. The $0.3014 level has emerged as a key support zone for DOGE. Encouragingly, the RSI showed bullish divergence, suggesting a potential upside move.
Chainlink (LINK): Whale Activity Indicates Growth
Chainlink fell to $20 during the recent market sell-off. However, whales seized the opportunity, buying over $40 million worth of LINK. This shows confidence in Chainlink’s future potential. Investor interest is also growing, with trading volume surging past $1 billion.
The price chart shows an ascending channel, showing higher highs and higher lows since November. A move above $25 could push LINK to $35 and beyond in January. With the RSI at 45, there is room for further upside momentum.
Polkadot (DOT): Bearish Trend Reversal
Polkadot—DOT , recently broke out of a long-standing downtrend. Analysts note that DOT is holding a key support level, indicating a potential reversal. Throughout 2021, DOT has faced a steady decline with lower highs and lower lows.
The price recently broke out of this pattern, signaling optimism. If Polkadot maintains its current strength, the price could rise to $30 in the coming months. This breakout from the descending wedge pattern adds to the positive outlook for DOT.
DOGE is facing resistance but hints at an imminent breakout. LINK is accelerating, fueled by whale activity and high trading volume. DOT reverses its long-standing downtrend, targeting $30 in the near future.