Litecoin edged higher to start the week, despite cryptocurrency markets trading mostly lower on Monday. The global crypto market capitalization is down 0.15% at the time of writing as volatility remains elevated. Chainlink also moved higher in today’s session.
Litecoin (SLD) rebounded from a key support point to start the week, as the token rallied, despite Monday’s crypto-red wave.
After a low of $84.92 on Sunday, SLD/USD hit an intraday high of $88.89 earlier in today’s session.
Following the move, Litecoin moved away from its floor price at $86.00 and is now trading at its highest level since last Friday.
From the chart, it appears that the 14-day Relative Strength Index (RSI) has now reached a resistance point at 45.00, leading to SLD give up previous earnings.
At the time of writing, the index sits at 44.33 with Litecoin trading at $88.11.
If price strength breaks above the 45.00 mark, there is a good chance that SLD will be back above $90.00.
Chain link (LINK)
Chainlink (LINK) was also in the green during today’s session, and the token rose 2%.
LINK/USD hit a high of $7.25 to start the week, following a low of $6.92 on Sunday.
Today’s rebound sees LINK pull away from the 3.5-week low recorded over the weekend.
Looking at the chart, this coincides with the RSI rebounding from its own low at 44.00.
Currently, price strength lies at 45.09, with a resistance point at 47.00, a potential target for the bulls.
If it reaches this mark, it is likely that LINK will break above $7.30.
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What’s behind today’s bearish sentiment? Let us know your thoughts in the comments.
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