Chainlink and Litecoin both saw significant gains in today’s trading session, as the cryptocurrency market bounced back after Monday’s decline. The global market cap rose 0.45% following stronger than expected Chinese growth data. Chainlink (LINK) reached a six-month high, hitting an intraday high of $8.66, up from a low of $7.97 the day before. This is the highest point for LINK since November 8, 2020, when it traded at $9.48. Meanwhile, Litecoin (LTC) also climbed to a two-month high, reaching $102.67 after starting the week at $98.11.
The surge in price for Chainlink was partly due to a breakout on the relative strength index (RSI), with the price strength moving beyond the 68.00 mark and tracking at 72.93, the strongest reading since February 2021. This could indicate a potential reversal in the near future. On the other hand, Litecoin saw a breakout of a long-term ceiling at the $101.00 level, before encountering resistance on the RSI indicator. The index is currently at 67.17, with a ceiling at $105.70 for Litecoin bulls to overcome next.
It remains to be seen whether Litecoin can move above $105.00 in the coming week, but the recent gains for both cryptocurrencies have been welcomed by investors. As always, caution is advised when investing in the volatile cryptocurrency market.
Eliman Dambell, a former director of a London-based brokerage and online trading educator, commented on the recent gains for Chainlink and Litecoin. Dambell now commentates on various asset classes, including crypto, stocks, and FX, while also being a startup founder.
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