Biggest Movers: ATOM Moves Closer to 4-Month High, LINK Also Higher
Cosmos was once again in the green, as the token moved closer to a four-month high during Friday’s session. Prices rose past a key resistance level during the day, as bullish sentiment continued to rise. Chainlink also traded higher, as prices surged for a third straight session. Cosmos (ATOM)
Cosmos (ATOM) continued to trade higher on Friday, as the token moved closer to a multi-month high.
ATOM/USD rose to an intraday high of $16.25 in today’s session, pushing prices above a key resistance level in the process.
The aforementioned ceiling is the $16.15 level. The move comes less than 24 hours after prices were trading at a low of $14.40. ATOM/USD – Daily Chart
Friday’s surge takes the token closer to last Friday’s peak of $17.20, which was the highest point for ATOM since May 9.
As seen from the chart above, the 14-day relative strength index (RSI) is tracking at the 65.00 mark, which has historically been a level of resistance.
If cosmos were to recapture, and surge past last week’s high, then the likelihood of ATOM moving above $17.20 would exponentially increase. Chainlink (LINK)
Like ATOM, chainlink (LINK) also rose for a third consecutive session on Friday, as bulls continued to push prices toward a key resistance level.
Following a low of $7.07 on Thursday, LINK/USD raced to an intraday high of $7.77 earlier in the day.
This peak pushed the token closer to its long-term price ceiling of $8.05, which is the level LINK was trading at to start the week. LINK/USD – Daily Chart
However, following disappointing inflation data from the United States, market volatility rose, sending crypto prices mostly lower.
Today’s surge comes as the 14-day RSI moved past a key obstacle, which in this instance is the 53.95 resistance level.
Bulls will likely continue to target a move above $8.00 this weekend, however it remains to be seen if there is enough momentum in the market to see this through.
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Do you expect chainlink to hit $8.00 this weekend? Let us know your thoughts in the comments. Eliman Dambell
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX. Bitcoin, Ethereum Technical Analysis: ETH Hits 3-Week Low as Bearish Momentum Increases Following The Merge MARKET UPDATES | 11 hours ago Crypto, Stocks, PMs Sink Lower — All Eyes on the Fed’s Next Rate Hike as Ethereum’s Merge Hype Wavers MARKET UPDATES | 1 day ago
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