Biggest Movers: LTC, LINK Rebound on Monday, Despite Crypto Market Red Wave – Market Updates Bitcoin News
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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.
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What has been behind today’s bearish sentiment? Let us know your thoughts in the comments.
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