Chainlink rose to a six-month high in today’s session, as crypto markets moved back into the green on Tuesday. Markets were buoyant following stronger than expected Chinese growth data, with the global market cap up 0.45% as of writing. Litecoin also climbed, hitting a two-month high in the process.
Chainlink (LINK)
Chainlink (LINK) rose to a six-month high on Tuesday, as the global crypto market cap rebounded from Monday’s decline.
LINK/USD rallied to an intraday high of $8.66 in today’s session, a day after trading at a low of $7.97.
Today’s surge in price saw chainlink climb to its highest point since November 8, when it traded at a peak of $9.48.
Looking at the chart, one of the catalysts of today’s surge in price was a breakout that occurred on the relative strength index (RSI).
At the time of writing, price strength has moved beyond a ceiling at the 68.00 mark, and is now tracking at 72.93
This is the strongest reading for the index since February 2021, which could mean that a reversal is on the cards.
Litecoin (LTC)
In addition to LINK, litecoin (LTC) also moved to a multi-month high during today’s session.
Following a low of $98.11 to start the week, LTC/USD rose above the $100.00 mark, hitting a peak of $102.67 in the process.
As a result of Tuesday’s surge in price, litecoin has hit its highest point since February 16.
The move came as LTC saw a breakout of a long-term ceiling at the $101.00 level, before colliding with a wall on the RSI indicator.
This aforementioned ceiling was at the 67.00 mark, and as of writing the index is marginally higher, at a reading of 67.17.
Should a full breakout occur, the next high that litecoin bulls must overcome is a ceiling at $105.70.
Register your email here to get weekly price analysis updates sent to your inbox:
Can litecoin move above $105.00 in the coming week? Let us know your thoughts in the comments.
#MarketUpdates, #Analysis, #Chainlink, #LiNK, #Litecoin, #LTC