Biggest Movers: DOT, LINK Rise to Multi-Week Highs on Monday
Polkadot rose to a multi-week high to start the week, as price increased for a second straight day. The token briefly broke out of a key resistance point, during Monday’s surge. Chainlink also moved to its highest point in nearly two weeks, with the token now trading nearly 13% higher in the last seven days. Polkadot (DOT)
Polkadot (DOT) was higher for a second successive session, as prices of the token neared a two-week high.
Following a low of $7.21 on Sunday, DOT/USD surged to an intraday high of $7.61 to start the week.
The move saw polkadot briefly break out of its long-term resistance level of $7.60, before swiftly retreating. DOT/USD – Daily Chart
As seen from the chart, this resistance point has historically been a point of uncertainty, with bears recently dominating sentiment around this area.
Since earlier highs, DOT is now trading at $7.52, as bulls opted to secure gains shortly after colliding with the aforementioned resistance.
Bulls will likely continue to target a breakout, with the higher ceiling of $8.10 a potential exit point. Chainlink (LINK)
Chainlink (LINK) was also higher on Monday, as it too moved closer to its strongest level in the last two weeks.
LINK/USD surged to a high of $7.25 to start the week, which is the highest point it has hit since August 25.
As with polkadot, Monday’s move led to a breakout, with LINK surging past its ceiling of $7.20. LINK/USD – Daily Chart
The move came as another resistance level was broken, this being that of the 14-day relative strength index (RSI).
As of writing, the index is tracking at 51.28, which is higher than its long-term ceiling of 50.00.
Should this trajectory continue, then we will likely see LINK bulls attempt to recapture the $7.50 level.
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Could we see chainlink hit $8.00 in September? 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. Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate to Start the Week MARKET UPDATES | 10 hours ago Crypto Economy Loses $102 Billion in 30 Days — BTC, SOL Shed the Most Losses MARKET UPDATES | 2 days ago
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