Bitcoin

Litecoin rose marginally higher to start the week, despite cryptocurrency markets mostly trading lower on Monday. The global crypto market cap is down 0.15% at the time of writing, as volatility remains high. Chainlink also moved higher in today’s session.

Litecoin (LTC)

Litecoin (LTC) bounced from a key point of support to start the week, as the token rallied, despite Monday’s crypto red wave.

Following a low of $84.92 on Sunday, LTC/USD raced to an intraday peak of $88.89 earlier in today’s session.

As a result of this move, litecoin moved further away from its price floor at $86.00, and is now trading at its highest point since last Friday.

From the chart, it appears that the 14-day relative strength index (RSI) has now risen to a point of resistance at 45.00, leading to LTC giving up earlier gains.

At the time of writing, the index is tracking at 44.33, with litecoin trading at $88.11.

Should price strength move beyond the 45.00 mark, there is a good chance that LTC will be back above $90.00.

Chainlink (LINK)

Chainlink (LINK) was also in the green in today’s session, and the token rose by as much as 2%.

LINK/USD climbed to a peak of $7.25 to start the week, following a low of $6.92 on Sunday.

Today’s rebound sees LINK move away from the three-and-a-half-week low registered over the weekend.

Looking at the chart, this coincides with the RSI bouncing from a floor of its own at the 44.00 mark.

Currently price strength is tracking at 45.09, with a resistance point at 47.00 a potential target for bulls.

Should it hit this mark, then it is likely that LINK will move above $7.30.

Register your email here to get weekly price analysis updates sent to your inbox:

Tags in this story

What has been behind today’s bearish sentiment? Let us know your thoughts in the comments.

Eliman Dambell

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Articles You May Like

King’s Speech to include plans for House of Lords revamp
U.S. cities are sinking. Here’s what that means for homeowners
Three ideas for unlocking the UK’s economic potential
Following Chevron ruling, House Republicans move to challenge Biden climate agenda
With emergency relief funds short, Maryland fights for Key Bridge money