LINK remained close to a one-month high earlier in today’s session, as crypto markets shook off some of Tuesday’s volatile moves. ADA continued to rise this week, despite price volatility.
Chainlink (LINK).
LINK was trading around a one-month high during today’s session, following a recent four-day bull run.
This run began near $6.70 support and pushed price up to $8.80 resistance.
As a result of this move, LINK/USD rose to a four-week high of $8.95 late on Tuesday, with prices peaking at $8.86 so far in today’s session.
The chart shows that the movement also coincides with the crossing of the 10-day and 25-day moving medians, which marks the first such cross since March 20.
The 14-day Relative strength Index (RSI), which hovers around 56.21 on the day, is also at its highest level in more than two months.
LINK bulls appear to be at ease after earlier highs. It is possible that bears reentered at resistance. Now, the question is whether we’ll see a breakout in this week.
Cardano (ADA)
LINK rose for 4 consecutive sessions. However, ADA rose for a 5th consecutive day on Wednesday as the prices broke through resistance.
The intraday maximum of $0.6537 was reached earlier today by the ADA/USD, marking its highest point since May 31, 2009.
Today’s move saw prices push past the ceiling of $0.6460, hitting a nine-day high as a result of this surge.
While there is bullish momentum in ADA, traders are likely to be trying to increase the price of ADA from a 1-week peak to a 1-month peak. This will most likely involve eclipsing $6897.
A resistance was already broken, with the RSI moving past its ceiling of 54.50 to reach a two month peak.
It is possible that the 0.6897 point will be reached in as little as one week. If it does, bears may wait for the resistance to fall.
What token, LINK or ADA will be the first to break free from resistance? We’d love to hear your comments.
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