Thursday, June 20, 2024

Biggest Movers: LINK Remains Near 1-Month High, as ADA Extends Bull Run

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LINK remained close to a one-month high earlier in today’s session, as crypto markets shook off some of Tuesday’s volatile moves. Although price volatility remained, bulls returned to show force, with ADA continuing to climb higher this week.

Chainlink (LINK)
LINK was trading around a one-month high during today’s session, following a recent four-day bull run.

The run commenced near a support level of $6.70, and took price above its recent resistance point of $8.80.

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.

LINK/USD – Daily Chart
Looking at the chart, the move also comes as the 10- and 25-day moving averages crossed, which is the first time this has happened since March 20.

In addition, the 14-day Relative Strength Index (RSI) is hovering around 56.21, which is its highest reading in over two months.

So far, LINK bulls have relaxed following earlier highs, likely as bears re-entered at resistance. The question now is whether we will see a breakout this week.

Cardano (ADA)
Whilst LINK has risen for four straight sessions, ADA climbed for a fifth-consecutive day on Wednesday, as prices broke through resistance.

ADA/USD rallied to an intraday peak of $0.6537 earlier today, which is its highest point since May 31.

Today’s move saw prices push past the ceiling of $0.6460, hitting a nine-day high as a result of this surge.

ADA/USD – Daily Chart
While bullish momentum is still present in ADA, traders will likely be looking to go from a one-week high, to a one-month peak, by eclipsing the $0.6897 point.

One resistance has already been eclipsed, as the RSI moved beyond its ceiling at 54.50, and hit a two-month peak.

A drive to the $0.6897 point could come as early as this week, and if it does, bears will likely be waiting to hold the line of resistance.

Which token will break out from resistance first, LINK or ADA? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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