Biggest Movers: LTC, LINK Rebound on Monday, Despite Crypto Market Red Wave
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) 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.
LTC/USD – Daily Chart
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) 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.
LINK/USD – Daily Chart
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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